SSH COMMUNICATIONS SECURITY CORP INTERIM REPORT
APRIL 22, 2009 AT 9:00 A.M.
SSH´S INTERIM REPORT, JANUARY 1 - MARCH 31, 2009
January-March
- Net sales totaled EUR 1.9 million, up by 1.6 % percent year on year (EUR 1.8
million in Q1/2008).
- Operating loss amounted to EUR -0.8 million (an operating loss of 0.9 million
in Q1/2008), loss EUR -0.6 million (-0.7 million).
The company's financial position remained healthy, with equity ratio 81.7%
(93.6%)and liquid assets at the end of the period EUR 7.5 million (EUR 21.5
million).
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| KEY FIGURES | | | | | |
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| | 1-3/2009 | 1-3/2008 | Change | % | 1-12/2008 |
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| Net sales (MEUR) | 1.9 | 1.8 | 1.6 | % | 8.5 |
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| Operating profit/loss | -0.8 | -0.9 | -13.5 | % | -2.2 |
| (MEUR) | | | | | |
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| % of net sales | -40.7 | -47.8 | | | -25.9 |
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| Profit/loss before taxes | -0.6 | -0.7 | -16.2 | % | -1.5 |
| (MEUR) | | | | | |
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| Profit/loss (MEUR) | -0.6 | -0.7 | -16.2 | % | -1.8 |
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| Return on equity, % | -22.5 | -13.2 | | | -10.2 |
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| Return on investment, % | -21.8 | -12.4 | | | -7.4 |
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| Liquid assets | 7.5 | 21.5 | -65.4 | % | 16.5 |
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| Gearing (%) | -139.2 | -108.7 | | | -112.8 |
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| Equity ratio (%) | 81.7 | 93.6 | | | 91.3 |
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| Earnings per share (EUR) | -0.02 | -0.02 | -16.4 | % | -0.06 |
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| Shareholders' equity per | 0.18 | 0.69 | -73.4 | % | 0.51 |
| share (EUR) | | | | | |
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CEO's BUSINESS REVIEW
During the reporting period, net sales remained at the same level as the
previous year. The Americas' proportion of net sales decreased while Europe's
proportion increased year on year. The operational efficiency still requires
continuous improvement. The company's financial position is good.
Large potential customers' anticipated investments in communications security
remain stable. Customers' expectations of economic recovery timing have slowed
down decision making, especially amongst large customers.
In accordance with the company's strategy, SSH has improved its position to
facilitate profitable growth. In the beginning of the reporting period, the
company initiated product and service development for improved control of
customers' communications security management. Test-marketing to the key markets
started at the end of the reporting period. The company has also started
negotiations with new technology partners to improve its product and service
offering, in line with SSH's current position on the market.
SSH has signed a co-operation contract with an international market analysis
company to analyze and establish new market positioning, stakeholder
communications and the company's respective product and service offering. The
efficiency of our current distribution and retail partner network is being
evaluated. SSH will focus on developing its market position with selected
regional partners, creating new solutions and strengthening customer
relationships.
SSH's aim is to secure its customers' business by securing critical information
flows in a flexible, focused and cost efficient manner.
Growth drivers include improvement in efficiency, the company's extensive
customer and maintenance base, new solutions in products and services, as well
as global development and strengthening of our partner network. SSH estimates
its net sales to grow during 2009 and expects the net result of the year to be
positive.
NET SALES
Consolidated net sales for January-March totaled EUR 1.9 million (EUR 1.8
million), dup by 1.6 % percent, year on year.
The Americas, the ‘Europe and Rest of the World' market area and the Asia
Pacific region accounted for 65.1 percent (70.2 percent), 23.7 percent (19.7
percent) and 11.2 percent (10.2 percent) of reported net sales, respectively.
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| SSH NET SALES | | | | | |
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| EUR Million | 1-3/2009 | 1-3/ 2008 | Change | % | 1-12/ 2008 |
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| BY SEGMENT | | | | | |
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| AMERICAS | 1.2 | 1.3 | -5.9 | % | 5.8 |
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| APAC | 0.2 | 0.2 | 12.0 | | 0.8 |
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| EROW | 0.4 | 0.4 | 22.6 | % | 1.9 |
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| SSH Group Total | 1.9 | 1.8 | 1.6 | % | 8.5 |
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| BY OPERATION | | | | | |
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| License sales | 0.6 | 0.7 | -12.3 | % | 4.0 |
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| Maintenance | 1.2 | 1.1 | 10.6 | % | 4.5 |
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| Total | 1.9 | 1.8 | 1.6 | % | 8.5 |
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The majority of SSH's invoicing is U.S. dollar based. During the report period,
the U.S. dollar's average exchange rate to euro strengthened approximately 13
percent compared to the same period a year ago. At constant currency, net sales
would have decreased 7 percent compared to the first quarter of 2008.
RESULTS AND EXPENSES
Operating loss for January-March amounted to EUR -0.8 million (an operating loss
of EUR -0.9 million), with net loss totaling EUR -0.6 million (a loss of EUR
-0.7 million).
Research and development expenses for the report period totaled EUR 0.9 million
(EUR 1.0 million), while sales and marketing expenses amounted EUR 1.1 million
(EUR 1.3 million) and administrative expenses EUR 0.6 million (EUR 0.5 million).
BALANCE SHEET AND FINANCIAL POSITION
The financial position of SSH remained at a healthy level during the report
period, despite the capital returned to shareholders. The consolidated balance
sheet total on March 31, 2009 stood at EUR 9.3 million (EUR 23.7 million), of
which liquid assets accounted for EUR 7.5 million (EUR 21.5 million), or 78.6
percent of the balance sheet total. The company's interest bearing liabilities,
EUR 0.2 million, comprised lease finance commitments. On March 31, 2009,
gearing, or the ratio of net liabilities to shareholders' equity, was -139.2
percent (-108.7) and the equity ratio stood at 79.6 percent (93.6).
The reported gross capital expenditure for the period totalled EUR 0.0 million
(EUR 0.0 million). The reported financial income consisted mainly of interest on
fixed-term deposits. Financial income and expenses totalled EUR 0.2 million (EUR
0.2 million).
During January-March, SSH reported a negative cash flow of EUR -0.6 million (EUR
0.3 million) from business operations, and investments showed a positive cash
flow of EUR +8.6 million (EUR 0.0 million). Cash flow from financing totaled EUR
-8.5 million (EUR 0.0 million), mainly consisting of capital returned to
shareholders. Cash flow from operations, investments and financing resulted in
the company showing a negative total cash flow of EUR -0.5 million (EUR 0.3
million) during the period.
RESEARCH AND DEVELOPMENT
Research and development expenses for January-March totaled EUR 0.9 million (EUR
1.0 million), the equivalent of 49.2 percent of net sales (55.5 percent). During
the report period, SSH did not capitalize any research and development expenses.
HUMAN RESOURCES AND ORGANIZATION
At the end of December, the Group had 68 employees on its payroll, down by 14
from the previous year, a decrease of 17.1 percent.
At the end of the period, 60 percent of the employees worked in R&D, 27 percent
in sales and marketing, and 13 percent in corporate administration.
BOARD AND AUDITORS
The Annual General Meeting (AGM) on March 4, 2009 re-elected Tomi Laamanen, Pyry
Lautsuo, Juha Mikkonen and Tatu Ylönen to the Board of Directors. Juho Lipsanen
was elected as a new member to the board. He also chairs the board.
The AGM also re-elected PricewaterhouseCoopers Oy, authorized public
accountants, as the company's auditor, with Henrik Sormunen, authorized public
accountant, acting as the principal auditor.
SHARES, SHAREHOLDING AND CHANGES IN GROUP STRUCTURE
The reported trading volume of SSH Communications Security Corp. shares totaled
1,168,574 (valued at EUR 1,178,086). The highest quotation was EUR 1.24 and the
lowest EUR 0.72 The trade-weighted average share price for the period was EUR
1.01 and the share closed at EUR 0.73 (March 31, 2008).
During the report period, the ownership structure of the company did not change
essentially. Tatu Ylönen holds, directly and through his company, Tatu Ylönen
Oy, 52.7 percent of the company's shares, Assetman Oy holds 14.7 percent and
Tero Kivinen 5.1 percent. More information about the shareholding can be
obtained from the company´s web site.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
The company's registered share capital on March 31, 2009 was EUR 859,568.04,
consisting of 28 652 268 shares. During the report period, SSH increased its
share capital once. Based on the Board of SSH decision upon a chargeable share
issue directed to the CEO on 16 December 2008, a total 68,493 new shares were
subscribed. The subscription price was in total EUR 50,000, i.e. approximately
73 cents (EUR 0.73) per share. The Company's share capital increased to EUR
859,568.04.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon the issuing of in total
5,500,000 shares in one or more tranches as share issues against payment or by
giving stock options or other special rights defined in Chapter 10 Section 1 of
the Finnish Companies Act, which entitle to shares either according to the
shareholders' pre-emptive right to share subscription or deviating from this
right. The authorization will be valid until the next Annual General Meeting,
but will expire on June 30th 2010 at the
latest.
In addition the Annual General Meeting authorized the Board of Directors to
decide upon acquiring a maximum of 2,000,000 of the company's own shares in one
or more tranches, which amount corresponds approximately to seven (7) per cent
of all shares of the company. The compensation to be paid for the acquired
shares shall be determined on the date of acquisition on the basis of a trading
rate determined for the company's share in a public trading arranged by NASDAQ
OMX Helsinki Ltd. The authorization to acquire the shares shall be valid at most
for eighteen (18) months after the decision of the Annual General Meeting.
The Annual General Meeting decided upon the distribution of assets from the
invested non-restricted equity fund to the shareholders in such a way that
assets shall be distributed 0.30 euro per share. The amount to be distributed is
in total 8,595,680.40 euro. The return of equity was paid to the shareholders
who on the record date on March 9th 2009 were registered in the shareholders'
register of the company held by Euroclear Finland Oy, and the payment date was
on March 16th 2009.
Furthermore, the Annual General Meeting decided to lower the subscription price
of the shares that can be subscribed based on the option plans released by the
company between years 2000-2008, with an amount corresponding to the
distribution of assets, i.e. 0.30 euro per option right. The subscription price
of the shares shall, however, always have at least the same value as the par
value.
CORPORATE GOVERNANCE
SSH complies with The Finnish Corporate Governance Code, set by the Securities
Market Association. More information on corporate governance is available on the
company's Web site (www.ssh.com).
REPORTING
This interim report follows IAS 34 (Interim Financial Reporting) accounting
standard. The same accounting principles have been used in the financial
statements for 2008. These data are based on unaudited figures.
The interim report also complies with the renewed IAS 1 and IAS 8 standards.
Based on IAS 1, the exchange differences on translating foreign subsidiaries are
presented as a part of the comprehensive income statement. SSH reports
Americas, Asia and Pacific, and Europe and the rest of the world as its IAS 8
operational segments. In addition licence and maintenance sales are separated
from each other.
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| INCOME STATEMENT | | | |
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| EUR million | 1-3/ 2009 | 1-3/ 2008 | 1-12/ 2008 |
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| | Net sales | 1.9 | 1.8 | 8.5 |
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| | Cost of goods sold | 0.0 | 0.0 | 0.0 |
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| | Gross profit | 1.9 | 1.8 | 8.5 |
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| | Other operating income | 0.0 | 0.0 | 0.2 |
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| | Product development expenses | -0.9 | -1.0 | -4.0 |
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| | Distribution costs | -1.1 | -1.3 | -5.0 |
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| | Administrative expenses | -0.6 | -0.5 | -1.9 |
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| | Operating profit/loss | -0.8 | -0.9 | -2.2 |
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| | Financial income and | 0.2 | 0.2 | 0.7 |
| | expenses | | | |
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| | Profit/loss before taxes | -0.6 | -0.7 | -1.5 |
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| | Taxes | 0.0 | 0.0 | -0.3 |
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| | Net profit/loss for the | -0.6 | -0.7 | -1.8 |
| | period | | | |
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| | Other profit and loss | | | |
| | account items: | | | |
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| | Foreign subsidiary | -0.1 | 0.0 | 0.2 |
| | translation differences | | | |
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| | Total comprehensive income | -0.7 | -0.6 | -1.6 |
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| EARNINGS PER SHARE | 1-3/2009 | 1-3/2008 | 1-12/2008 |
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| Earnings per share (EUR) | -0.02 | -0.02 | -0.05 |
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| Earnings per share. diluted | -0.02 | -0.02 | -0.06 |
| (EUR) | | | |
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| BALANCE SHEET | | | |
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| EUR million | 3/31/2009 | 3/31/2008 | 12/31/2008 |
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| | ASSETS | | | |
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| | Non-current assets | | | |
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| | Tangible assets | 0.3 | 0.2 | 0.3 |
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| | Intangible assets | 0.0 | 0.1 | 0.0 |
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| | Deferred tax assets | 0.0 | 0.2 | 0.0 |
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| | Total non-current assets | 0.3 | 0.5 | 0.3 |
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| | | | | |
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| | Current assets | | | |
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| | Trade and other receivables | 1.6 | 1.8 | 2.3 |
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| | Short-term financial assets | 6.0 | 19.5 | 14.5 |
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| | Cash and cash equivalents | 1.5 | 2.0 | 2.0 |
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| | Total current assets | 9.0 | 23.3 | 18.8 |
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| | Total assets | 9.3 | 23.7 | 19.1 |
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| | LIABILITIES AND | | | |
| | SHAREHOLDERS' EQUITY | | | |
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| | Shareholders' equity | 5.3 | 19.8 | 14.5 |
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| | Non-current liabilities | | | |
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| | Provisions | 0.0 | 0.2 | 0.0 |
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| | Non-current interest-bearing | 0.1 | 0.0 | 0.1 |
| | liabilities | | | |
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| | Total long-term liabilities | 0.1 | 0.2 | 0.1 |
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| | Current liabilities | 3.9 | 3.7 | 4.5 |
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| | Total equity and liabilities | 9.3 | 23.7 | 19.1 |
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| CASH FLOW STATEMENT | | | |
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| EUR million | 1-3/2009 | 1-3/2008 | 1-12/2008 |
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| | Cash flow from business | -0.6 | 0.3 | -2.0 |
| | operations | | | |
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| | Cash flow from investments | 8.6 | 0.0 | 6.5 |
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| | Cash flow from financing | -8.5 | 0.0 | -4.3 |
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| | Increase(+) / decrease (-) | -0.5 | 0.3 | 0.2 |
| | in liquid assets | | | |
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| | Liquid assets at period | 2.0 | 1.7 | 1.7 |
| | start | | | |
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| | Adjustment for translation | 0.0 | 0.0 | 0.0 |
| | difference | | | |
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| | Liquid assets at period end | 1.5 | 2.0 | 2.0 |
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| STATEMENT ON CHANGES IN | | | | |
| SHAREHOLDERS' EQUITY | | | | |
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| EUR million | Share | Share | Fair | Trans- | Unrestric- | Total |
| | Capi- | Premium | value | lation| ted equity | |
| | tal | | reser- | diff. | funds and | |
| | | | ves | | retained | |
| | | | | | earnings | |
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| Shareholders' | 0.9 | 11.5 | 0.1 | -1.0 | 8.9 | 20.4 |
| equity | | | | | | |
| Jan. | | | | | | |
| 1. 2008 | | | | | | |
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| Change | 0.0 | 0.0 | 0.0 | 0.0 | | |
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| Net profit | | | | | -0.7 | |
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| Shareholders' | 0.9 | 11.5 | 0.1 | -1.0 | 8.3 | 19.8 |
| equity | | | | | | |
| March | | | | | | |
| 31. 2008 | | | | | | |
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| Change | 0.0 | -11.5 | 0.0 | 0.2 | 7.3 | 0,0 |
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| Net profit | | | | | -1.1 | |
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| Shareholders´ | 0.9 | 0.0 | 0.1 | -0.9 | 14.4 | 14.5 |
| equity | | | | | | |
| Dec. 31. 2008 | | | | | | |
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| Change | 0.0 | 0.0 | 0.0 | -0.1 | -8.5 | |
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| Net profit | | | | | -0.6 | |
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| | | | | | | |
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| Shareholders' | 0.9 | 0.0 | 0.1 | -1.0 | 5.3 | 5.3 |
| equity | | | | | | |
| March. 31. | | | | | | |
| 2009 | | | | | | |
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| NET SALES BY SEGMENT | | | |
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| EUR million | 1-3/ 2009 | 1-3/ 2008 | 1-12/ 2008 |
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| AMER | 1.2 | 1.3 | 5.8 |
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| APAC | 0.2 | 0.2 | 0.8 |
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| EROW | 0.4 | 0.3 | 1.9 |
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| SSH Group total | 1.9 | 1.8 | 8.5 |
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| OPERATING PROFIT/LOSS | | | | |
| BY SEGMENT | | | | |
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| EUR million | 1-3/ 2009 | 1-3/ 2008 | 1-12/ 2008 |
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| AMER | 0.4 | 0.5 | 2.7 |
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| APAC | 0.1 | 0.1 | 0.4 |
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| EROW | 0.1 | -0.1 | 1.1 |
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| Common Group expenses* | -1.4 | -1.4 | -6.4 |
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| SSH Group total | -0.8 | -0.9 | -2.2 |
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* Common Group expenses include Group administration expenses (e.g. management
and finance) and product management and R&D expenses for corporate headquarters.
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| KEY FIGURES AND RATIOS | | | |
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| EUR million | 1-3/2009 | 1-3/2008 | 1-12/2008 |
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| Net sales | 1.9 | 1.8 | 8.5 |
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| Operating profit/loss | -0.8 | -0.9 | -2.2 |
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| Operating profit/loss, as % of net | -40.7 | -47.8 | -25.9 |
| sales | | | |
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| Profit/loss before extraordinary | -0.6 | -0.7 | -1.2 |
| items and taxes | | | |
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| Profit/loss before extraordinary | -30.0 | -36.3 | -14.2 |
| items and taxes, as % of net sales | | | |
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| Profit/loss before taxes | -0.6 | -0.7 | -1.5 |
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| Profit/loss before taxes, as | -30.0 | -36.3 | -18.0 |
| % of net sales | | | |
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| Return on investment (%) | -21.8 | -12.4 | -7.4 |
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| Return on equity (%) | -22.5 | -13.2 | -10.2 |
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| Interest-bearing net liabilities | -7.4 | -21.5 | -16.4 |
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| Equity ratio (%) | 81.7 | 93.6 | 91.3 |
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| Gearing (%) | -139.2 | -108.7 | -112.8 |
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| Gross capital expenditure | 0.0 | 0.0 | 0.1 |
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| % of net sales | 0.0 | 0.2 | 1.3 |
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| R&D expenses | 0.7 | 1.0 | 4.0 |
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| % of net sales | 40.2 | 55.5 | 46.6 |
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| Personnel, period average | 69 | 80 | 77 |
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| Personnel, period end | 68 | 82 | 73 |
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| PER-SHARE DATA | | | |
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| EUR | 1-3/2009 | 1-3/2008 | 1-12/2008 |
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| Earnings per share, undiluted | -0.02 | -0.02 | -0.06 |
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| Earnings per share, diluted | -0.02 | -0.02 | -0.06 |
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| Equity per share | 0.18 | 0.71 | 0.51 |
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| No. of shares at period end | 28 652 | 28 538 | 28 584 |
| (thousand) | | | |
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| Share performance | | | |
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| Average price | 1.01 | 1.50 | 1.48 |
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| Low | 0.72 | 1.37 | 0.66 |
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| High | 1.24 | 1.69 | 1.69 |
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| Share price, period end | 0.73 | 1.52 | 0.70 |
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| Market capitalization, period end | 20.9 | 43.4 | 20.0 |
| (EUR million) | | | |
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| Volume of shares traded (million) | 1.2 | 1.5 | 3.6 |
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| Volume of shares traded, as | 4.1 | 5.1 | 12.5 |
| % of | | | |
| total | | | |
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| Value of shares traded (EUR | 1.2 | 2.2 | 4.5 |
| million) | | | |
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| Price-to-earnings ratio (P/E) | - | - | -11.2 |
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| CONTINGENT LIABILITIES | | | |
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| EUR million | 3/31 2009 | 3/31 2008 | 12/31 2008 |
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| Leasing commitments outside | | | |
| the balance sheet | | | |
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| Maturing within 1 year | 0.7 | 0.7 | 0.7 |
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| Maturing between 1 and 5 years | 0.4 | 1.1 | 0.6 |
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DISCLAIMER
The content in this report is provided by SSH Communications Security Corp
("SSH") and its third party content providers for your personal information
only. It 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 Corp will release its next interim report and
financial statements for January 1st - June 30th 2009 on July 22nd 2009.
Helsinki, April 22nd 2009
SSH COMMUNICATIONS SECURITY CORP
Board of Directors
Jari Mielonen
CEO
For further information, please contact:
Jari Mielonen. CEO. tel. +358 (0)20 500 7400
Mika Peuranen. CFO. tel. +358 (0)20 500 7419
Distribution:
NASDAQ OMX Helsinki
Major media
www.ssh.com