2014-10-22 08:00:03 CEST
2014-10-22 08:00:08 CEST
REGULATED INFORMATION
SSH Communications Security Oyj - Interim report (Q1 and Q3)
SSH COMMUNICATIONS SECURITY CORPORATION INTERIM REPORT RELEASE, JANUARY 1 – SEPTEMBER 30, 2014
Helsinki, Finland, 2014-10-22 08:00 CEST (GLOBE NEWSWIRE) -- SSH COMMUNICATIONS
SECURITY CORPORATION INTERIM REPORT RELEASE October 22, 2014 AT 9:00 A.M
SSH COMMUNICATIONS SECURITY CORPORATION INTERIM REPORT RELEASE, JANUARY 1 -
SEPTEMBER 30, 2014
July-September 2014: +4.2 % net sales growth, despite losses still continue to
invest in sales and products. Cash flow negative, cash position remained
satisfactory.
- Net sales totaled EUR 3.2 million, up by 4.2 % year on year (EUR 3.1 million
in 7-9/2013).
- Operating loss amounted to EUR -0.5 million (EUR -0.4 million in 7-9/2013).
Loss was EUR -0.4 million (EUR -0.4 million)
- Earnings per share EUR -0.02 (EUR -0.01).
January-September 2014: Slight net sales growth, losses due to timing of
sizeable deals and investments to future growth. Cash flow negative, cash
position remained satisfactory.
- Net sales totaled EUR 9.5 million, up by 2.5 % year on year (EUR 9.2 million
in 1-9/2013).
- Operating loss amounted to EUR -2.0 million (EUR -0.4 million in 1-9/2013)
including EUR 0.0 of non-recurring costs (EUR 0.0 million). Loss was EUR -2.0
million (EUR -0.4 million)
- Earnings per share EUR -0.07 (EUR -0.02).
Equity share was good 65.9% (76.8%) and liquid assets EUR 3.4 million (EUR 6.5
million).
KEY FIGURES
--------------------------------------------------------------------------------
7-9/ 7-9/ 1-9/ 1-9/ Change % 1-12/
2014 2013 2014 2013 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales (MEUR) 3.2 3.1 9.5 9.2 2.5 13.3
--------------------------------------------------------------------------------
Operating profit/loss (MEUR) -0.5 -0.4 -2.0 -0.4 -377.2 0.2
--------------------------------------------------------------------------------
% of net sales -16.3 -12.9 -20.8 -4.5 -365.7 1.3
--------------------------------------------------------------------------------
Profit/loss before taxes (MEUR) -0.4 -0.4 -1.9 -0.4 -349.2 0.2
--------------------------------------------------------------------------------
Profit/loss (MEUR) -0.4 -0.4 -2.0 -0.4 -349.0 0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Return on equity, % -29.1 -12.7 -128.0 2.2
--------------------------------------------------------------------------------
Return on investment, % -29.1 -12.4 -134.0 1.9
--------------------------------------------------------------------------------
Liquid assets 3.4 6.5 -48.1 6.0
--------------------------------------------------------------------------------
Gearing (%) -60.5 -90.4 -33.0 -80.1
--------------------------------------------------------------------------------
Equity ratio (%) 65.9 76.8 -14.2 76.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings Per Share (EUR) -0.02 -0.01 -0.07 -0.02 -265.0 -0,00
--------------------------------------------------------------------------------
Shareholders' equity per share 0.18 0.23 0.18 0.24 -22.39 0.24
(EUR)
--------------------------------------------------------------------------------
CEO'S REVIEW
The third quarter finished disappointingly. Sales growth remained weak which
together with investments in key customer acquisitions, market making and
product development kept SSH in losses. Despite sales growth remained
unsatisfactory, customer base continued to increase: e.g. a major global
financial services provider selected Universal SSH Key Manager for the
centralized key management and access control for its business critical
infrastructure. One important step during third quarter was that National
Institute of Standards and Technology (NIST), an opinion leader in USA,
released Report (IR 7966) providing vital guidance for managing Secure Shell
access to sensitive data. SSH CIO Tatu Ylönen co-authored this release which
will influence how US Federal space as well as enterprises will manage Secure
Shell access. Sales pipeline remained strong and investments in sales and
product development will continue.
Ongoing revelations of information system based espionage, continuous flow of
publicized cyber security breaches and growing use of internet increases need
for our key technologies: encryption, key management and authentication. Cyber
security solutions from trusted sources both in the commercial and government
sectors are in high need and solutions from SSH are well positioned within this
growing market.
After three weeks in SSH, the more I learn, the more I believe in opportunities
to grow. The SSH protocol is ubiquitous in large IT environments both in
commercial and government sectors, and gives us, as the inventors of the
protocol, a unique position. My main focus today is to bring more customer and
market focus into all the aspects in SSH which will help SSH to become a bigger
player in Cyber security space.
Harri Koponen
CEO
NET SALES
Consolidated net sales for July-September totaled EUR 3.2 million (EUR 3.1
million), up by 4.2 %, year on year.
Consolidated net sales for January-September totaled EUR 9.5 million (EUR 9.2
million), up by 2.5 %, year on year. Long sales cycles with big corporations
and complexity of customer needs impacted sales growth.
The Americas, Europe, Middle East and Africa market area and the Asia Pacific
region accounted for 59.0 % (42.9 %), 27.6 % (45.9 %) and 13.4 % (11.3 %) of
reported net sales, respectively. The change of geographical focus of a
significant customer project impacts the changes between relative shares of net
sales between regions.
SSH NET SALES
--------------------------------------------------------
EUR million 7-9/ 7-9/ 1-9/ 1-9/ Change % 1-12/
2014 2013 2014 2013 2013
--------------------------------------------------------
--------------------------------------------------------
BY SEGMENT
--------------------------------------------------------
AMERICAS 2.1 1.3 5.6 4.0 40.9 5.3
--------------------------------------------------------
APAC 0.4 0.3 1.3 1.0 22.4 1.5
--------------------------------------------------------
EMEA 0.6 1.4 2.6 4.2 -38.4 6.6
--------------------------------------------------------
SSH Group Total 3.2 3.1 9.5 9.2 2.5 13.3
--------------------------------------------------------
--------------------------------------------------------
BY OPERATION
--------------------------------------------------------
License sales 0.8 0.7 2.5 2.7 -8.8 4.6
--------------------------------------------------------
Consulting 0.8 0.9 2.4 2.3 6.6 3.0
--------------------------------------------------------
Maintenance 1.5 1.4 4.6 4.2 8.3 5.6
--------------------------------------------------------
Total 3.2 3.1 9.5 9.2 2.5 13.3
--------------------------------------------------------
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 -1.8% compared to the same period a year ago. With
comparable exchange rates 2014 net sales growth would have been +2.2% compared
with 2013 corresponding period.
RESULTS AND EXPENSES
Operating loss for July-September amounted to EUR -0.5 million (loss EUR -0.4
million), with net loss totaling EUR -0.4 million (EUR -0.4 million).
Operating loss for January-September amounted to EUR -2.0 million (EUR -0.4
million), with net loss totaling EUR -2.0 million (EUR -0.4 million).
Profitability was influenced by higher share of service sales in addition to
investments to sales and product development and delays of closing sizeable
deals.
Sales, marketing and customer support expenses for the July-September reporting
period amounted EUR -1.8 million (EUR -1.9 million), while research and
development expenses totaled EUR -1.1 million (EUR -0.7 million) and
administrative expenses EUR -0.3 million (EUR -0.4 million).
Sales, marketing and customer support expenses for the January-September
reporting period amounted EUR -5.5 million (EUR -5.1 million), while research
and development expenses totaled EUR -3.1 million (EUR -2.1 million) and
administrative expenses EUR -1.0 million (EUR -1.1 million).
BALANCE SHEET AND FINANCIAL POSITION
the financial position of SSH Communications Security remained satisfactory
during the reporting period. The consolidated balance sheet total on September
30, 2014 stood at EUR 12.3 million (September 30, 2013 EUR 13.6 million;
December 31, 2013 EUR 13.5 million), of which liquid assets accounted for EUR
3.4 million (September 30, 2013 EUR 6.5 million; December 31, 2013 EUR 6.0
million), or 27.7 % of the balance sheet total. On September 30, 2014, gearing,
or the ratio of net liabilities to shareholders' equity, was -60.5 % (September
30, 2013 -90.4 %; December 31, 2013 -80.1 %) and the equity ratio stood at 65.9
% (September 30, 2013 76.8 %; December 31, 2013 76.6 %).
The reported gross capital expenditure for the period totaled EUR 1.3 million
(EUR 1.4 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 0.1 million (EUR -0.0 million).
During January-September, SSH Communications Security reported a negative cash
flow of EUR -1.2 million (EUR 0.4 million) from business operations, and
investments showed a negative cash flow of EUR -1.3 million (EUR -1.4 million).
Cash flow from financing totaled EUR 0.1 million (EUR -1.2 million). Total
cash flow from operations, investments and financing was negative EUR -2.4
million (EUR -2.2 million).
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 1.0 (1.0) million and nominal
value EUR 1.0 (1.0) million.
RESEARCH AND DEVELOPMENT
Research and development expenses for July-September totaled EUR -1.1 million
(EUR -0.7 million), the equivalent of 33.3 % of net sales (22.0 %). During
July-September, the company has capitalized R&D costs EUR 0.4 million (EUR 0.3
million).
Research and development expenses for January-September totaled EUR -3.1
million (EUR -2.1 million), the equivalent of 32.3 % of net sales (22.3 %). In
reporting period, R&D cost capitalizations amounted to EUR 1.1 million (EUR 1.1
million). Depreciation from R&D capitalization assets was EUR -0.6 million (EUR
-0.4 million).
HUMAN RESOURCES AND ORGANIZATION
At the end of September, the Group had 96 employees on its payroll, up by 2
persons from the previous year, an increase of +2%. Compared with previous
quarter, personnel decreased by 3.
At the end of the period, 38 % of the employees worked in sales and marketing,
49 % in R&D, and 13 % in corporate administration.
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.
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 2,711,537 (valued at EUR 7, 826,967). The highest quotation was EUR
3.74 and the lowest EUR 2.35. The trade-weighted average share price for the
period was EUR 2.94 and the share closed at EUR 2.54 (September 30, 2014).
The company's principal owner Tatu Ylönen holds directly and through his
company, Clausal Computing Oy, 57.7 % of the company's shares, Assetman Oy
holds 10.8 % 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 September 30, 2014 was EUR 927,627.99
consisting of 30,920,923 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.
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 2014 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.
FUTURE OUTLOOK
In 2014, SSH Communications Security estimates its revenue to grow
significantly and profitability to improve from 2013.
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 0.3 million during January-September
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 was subscribed by Chief Innovation Officer Tatu Ylönen.
EVENTS AFTER THE BALANCE SHEET DATE
As announced on October 2, 2014, Harri Koponen was nominated as Chief Executive
Officer starting on the same day. 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. 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 interim report. The information presented in this
interim report has not been audited.
TABLES
SHORT COMPREHENSIVE INCOME STATEMENT
--------------------------------------------------------------------------------
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2014 2013 2014 2013 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 3.2 3.1 9.5 9.2 13.3
--------------------------------------------------------------------------------
Cost of goods sold -0.6 -0.5 -1.9 -1.4 -1.9
--------------------------------------------------------------------------------
Gross profit 2.6 2.6 7.6 7.9 11.4
--------------------------------------------------------------------------------
Other operating income 0.0 0.0 0.0 0.1 0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sales, marketing and customer support -1.8 -1.9 -5.5 -5.1 -6.9
costs
--------------------------------------------------------------------------------
Product development expenses -1.1 -0.7 -3.1 -2.1 -3.0
--------------------------------------------------------------------------------
Administrative expenses -0.3 -0.4 -1.0 -1.1 -1.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit/loss -0.5 -0.4 -2.0 -0.4 0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income and expenses 0.1 0.0 0.2 0.0 -0,0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss before taxes -0.4 -0.4 -1.9 -0.4 0.2
--------------------------------------------------------------------------------
Taxes -0.1 0.0 -0.0 0.0 -0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit/loss for the financial period -0.4 -0.4 -2.0 -0.4 0.2
--------------------------------------------------------------------------------
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 -0.2 0.0 -0.3 0.0 -0,0
--------------------------------------------------------------------------------
Net change in fair value of
available-for-sale
financial assets
--------------------------------------------------------------------------------
0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income -0.6 -0.4 -2.3 -0.4 0.2
--------------------------------------------------------------------------------
Net profit/loss attributable to:
--------------------------------------------------------------------------------
Owners of the Company -0.6 -0.4 -2.3 -0.4 0.2
--------------------------------------------------------------------------------
Non-Controlling interest 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EARNINGS PER SHARE
--------------------------------------------------------------------------------
Earnings per share (EUR) -0.02 -0.01 -0.07 -0.02 -0.00
--------------------------------------------------------------------------------
Earnings per share diluted (EUR) -0.02 -0.01 -0.06 -0.02 -0.00
--------------------------------------------------------------------------------
BALANCE SHEET
--------------------------------------------------------------------------------
EUR million
--------------------------------------------------------------------------------
30.9.2014 30.9.2013 31.12.2013
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Tangible assets 0.2 0.2 0.2
--------------------------------------------------------------------------------
Intangible assets 3.6 2.8 3.1
--------------------------------------------------------------------------------
Investments 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total non-current assets 3.8 3.0 3.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Trade and other receivables 5.1 4.0 4.1
--------------------------------------------------------------------------------
Short-term financial assets 1.0 2.0 0.0
--------------------------------------------------------------------------------
Cash and cash equivalents 2.4 4.5 6.0
--------------------------------------------------------------------------------
Total current assets 8.5 10.6 10.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets 12.3 13.6 13.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity
--------------------------------------------------------------------------------
Equity attributable to the parent company 5.6 6.7 7.4
shareholders
total
--------------------------------------------------------------------------------
--
Non-controlling interest 0.0 0.5 0.0
--------------------------------------------------------------------------------
Shareholders' equity total 5.6 7.2 7.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Provisions 0.0 0.1 0.1
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total long-term liabilities 0.0 0.1 0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current liabilities 6.6 6.3 6.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities total 6.6 6.4 6.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total equity and liabilities 12.3 13.6 13.5
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
--------------------------------------------------------------------
EUR million 1-9/2014 1-9/2013 1-12/2013
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash flow from business operations -1.2 0.4 0.4
--------------------------------------------------------------------
Cash flow from investments -1.3 -1.4 -2.0
--------------------------------------------------------------------
Cash flow from financing 0.1 -1.2 -1.2
--------------------------------------------------------------------
--------------------------------------------------------------------
Increase(+) / decrease(-) in cash -2.4 -2.2 -2.8
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash at period start 3.8 6.6 6.6
--------------------------------------------------------------------
Effect of exchange rate 0.0 0.0 0.0
--------------------------------------------------------------------
Cash at period end* 2.4 4.4 3.8
--------------------------------------------------------------------
* cash at period end does not include investments other than mutual funds of
short term interest, thus investment of 1.0 (2.0) million EUR is excluded from
cash at period end.
STATEMENT OF
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 0.2 4.1 -1.3 -1.0 0.2 3.1 6.3
olders
'
equit
y
Jan 1,
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.2 -0.1 1.0 0.3 1.4
--------------------------------------------------------------------------------
Net -0.4 -0.4
profi
t
--------------------------------------------------------------------------------
Shareh 0.9 0.4 4.1 -1.4 0.0 0.5 2.7 7.2
olders
'
equit
y
Sep
30,
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.0 0.1 -0.5 -0.5
--------------------------------------------------------------------------------
Net 0.6 0.6
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 0.1 -0.3 0.3 0.1
--------------------------------------------------------------------------------
Net -2.0 -2.0
profi
t
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareh 0.9 0.4 4.2 -1.6 0.0 0.0 1.7 5.6
olders
'
equit
y
Sep
30,
2014
--------------------------------------------------------------------------------
NET SALES WITH BY SEGMENT
----------------------------------------------------------
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2014 2013 2014 2013 2013
----------------------------------------------------------
----------------------------------------------------------
AMER 2.1 1.3 5.6 4.0 5.3
----------------------------------------------------------
APAC 0.4 0.3 1.3 1.0 1.5
----------------------------------------------------------
EMEA 0.6 1.4 2.6 4.2 6.6
----------------------------------------------------------
SSH Group Total 3.2 3.1 9.5 9.2 13.3
----------------------------------------------------------
GROSS MARGIN BY SEGMENT
----------------------------------------------------------
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2014 2013 2014 2013 2013
----------------------------------------------------------
----------------------------------------------------------
AMER 1.6 1.3 4.5 4.0 5.3
----------------------------------------------------------
APAC 0.4 0.3 1.3 1.0 1.5
----------------------------------------------------------
EMEA 0.6 0.9 1.8 2.9 4.7
----------------------------------------------------------
SSH Group Total 2.6 2.6 7.6 7.9 11.4
----------------------------------------------------------
OPERATING PROFIT BY SEGMENT
----------------------------------------------------------
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2014 2013 2014 2013 2013
----------------------------------------------------------
----------------------------------------------------------
AMER 0.7 0.1 1.8 0.6 0.8
----------------------------------------------------------
APAC 0.3 0.2 0.7 0.6 0.7
----------------------------------------------------------
EMEA 0.3 0.5 0.7 2.2 4.0
----------------------------------------------------------
Common Group expenses -1.8 -1.2 -5.2 -3.9 -5.4
----------------------------------------------------------
SSH Group Total -0.5 -0.4 -2.0 -0,4 0.2
----------------------------------------------------------
* 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 1-9/ 1-9/ 1-12/
2014 2013 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 9.5 9.2 13.3
--------------------------------------------------------------------------------
Operating profit/loss -2.0 -0.4 0.2
--------------------------------------------------------------------------------
Operating profit/loss as % of net sales -20.8 -4.5 1.3
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes -1.9 -0.4 0.2
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes as % of -19.8 -4.2 1.1
net sales
--------------------------------------------------------------------------------
Profit/loss before taxes -1.9 -0.4 0.2
--------------------------------------------------------------------------------
Profit/loss before taxes as % of net sales -19.8 -4.5 1.2
--------------------------------------------------------------------------------
Return on equity (%) -29.1 -12.7 2.2
--------------------------------------------------------------------------------
Return on investment (%) -29.1 -12.4 1.9
--------------------------------------------------------------------------------
Interest-bearing net liabilities -3.4 -6.5 -6.0
--------------------------------------------------------------------------------
Equity ratio (%) 65.9 76.8 76.6
--------------------------------------------------------------------------------
Gearing (%) -60.5 -90.4 -80.1
--------------------------------------------------------------------------------
Gross capital expenditure 1.3 1.4 2.0
--------------------------------------------------------------------------------
% of net sales 14.0 15.1 14.7
--------------------------------------------------------------------------------
R&D expenses 3.1 2.1 3.0
--------------------------------------------------------------------------------
% of net sales 32.3 22.3 22.3
--------------------------------------------------------------------------------
Personnel period average 98 82 85
--------------------------------------------------------------------------------
Personnel period end 96 94 99
--------------------------------------------------------------------------------
Calculation for key figures and ratios are presented in 2013 financial
statement and annual report. There have not been changes in calculation rules
after that.
PER SHARE DATA
----------------------------------------------------------------------
EUR 1-9/ 1-9/ 1-12/
2014 2013 2013
----------------------------------------------------------------------
----------------------------------------------------------------------
Earnings per share undiluted* -0.07 -0.02 -0.00
----------------------------------------------------------------------
Earnings per share diluted* -0.06 -0.02 -0.00
----------------------------------------------------------------------
Equity per share 0.18 0.23 0.24
----------------------------------------------------------------------
No. of shares at period average (thousand) 30,783 30,751 30,751
----------------------------------------------------------------------
No. of shares at period end (thousand) 30,921 30,751 30,751
----------------------------------------------------------------------
Share performance
----------------------------------------------------------------------
Average price 2.94 1.93 2.11
----------------------------------------------------------------------
Low 2.35 0.75 0.75
----------------------------------------------------------------------
High 3.74 4.50 4.50
----------------------------------------------------------------------
Share price period end 2.54 3.63 2.91
----------------------------------------------------------------------
Market capitalization period end (EUR million) 78.5 111.6 89.5
----------------------------------------------------------------------
Volume of shares traded (million) 2.7 8.2 9.9
----------------------------------------------------------------------
Volume of shares traded as % of total 8.8 39.7 33.4
----------------------------------------------------------------------
Value of shares traded (EUR million) 7.8 15.8 20.8
----------------------------------------------------------------------
Price per earnings ratio (P/E) - - -
----------------------------------------------------------------------
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 30.9.2014 30.9.2013 31.12.2013
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
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 0.4 0.1 0.4
-------------------------------------------------------------------------------
At the time of reporting, unpaid interests of the hybrid loan was EUR 0.5
million.
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 annual report for 2014
in February 5 2015.
Helsinki, October 22nd 2014
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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