TIDMSSH1V
SSH COMMUNICATIONS SECURITY CORPORATION STOCK EXCHANGE RELEASE
APRIL 27, 2021, AT 9:00 A.M
SSH COMMUNICATIONS SECURITY CORPORATION INTERIM REPORT JANUARY 1 --
MARCH 31, 2021
NET SALES DECREASED COMPARED TO Q1 2020, QUARTERLY OPERATING CASH FLOW
POSITIVE
January--March 2021: Net sales decreased 14.6 % compared to the previous
year. Planned growth investments impacted the EBITDA negatively.
-- Net sales totaled EUR 2.6 million (1--3/2020: EUR 3.1 million)
-- EBITDA was EUR -0.9 million (EUR -0.1 million)
-- Operating loss was EUR -1.4 million (EUR -0.6 million)
-- Loss for the period was EUR -1.5 million (EUR -0.4 million)
-- Earnings per share was EUR -0.05 (EUR -0.02)
Operating cash flow was EUR 0.0 million (EUR 1.2 million), and our cash
position remained stable. Equity ratio remained good at 60.6 % (77.7 %).
Liquid assets at year-end were EUR 7.5 million (EUR 11.7 million).
KEY FIGURES
EUR million 1--3/2021 1--3/2020 Change % 1--12/2020
Net sales 2.6 3.1 -14.6 11.3
EBITDA -0.9 -0.1 -1 480.9 -0.4
% of net sales -33.9 -1.8 -1 750.2 -3.5
Operating profit/loss -1.4 -0.6 -147.1 -2.5
% of net sales -53.5 -18.5 -189.2 -22.1
Profit/loss before taxes -1.5 -0.4 -232.0 -3.1
Profit/loss -1.5 -0.4 -246.3 -3.1
Return on equity, % -20.9 -3.8 -453.6 -30.0
Return on investment,
% -17.8 -3.7 -383.8 -27.3
Liquid assets 7.5 11.7 -36.0 8.5
Gearing (%) -109.4 -102.4 -6.8 -85.3
Equity ratio (%) 60.6 77.7 -22.1 69.7
Earnings per share, EUR -0.05 -0.02 -180.0 -0.11
Shareholders' equity per
share, EUR 0.15 0.28 -46.2 0.22
SSH Communications Security reports the alternative performance measure
EBITDA, which is not defined by IFRS standards. Alternative performance
measures should not be considered substitutes for performance measures
in accordance with the IFRS.
EBITDA = Operating profit/loss + depreciation and amortization
CEO REVIEW
Valued shareholders, customers, partners, and co-workers,
During the first quarter, we continued aligning our organization towards
our new strategy and operating model while making growth investments
that we started in the second half of 2020, including strengthening our
personnel and marketing.
We estimate that these investments will increase revenues from the end
of the second quarter, and we expect a strong second half of the year.
The well-prepared integration of the acquired Deltagon business, and the
commercial deployments of NQX, for which we secured two new customers
during Q1 2021, will help drive momentum.
Our first quarter net sales were soft, showing a 15% decline compared to
Q1 2020 due to our largest product family Tectia declining in sales. We
are in the process of revitalizing the Tectia business and we already
have identified likely growth paths for the product. Additionally, the
major contract for the delivery of cryptographic products and services
awarded in December 2020 was delayed for reasons beyond our control
during the first quarter, but the agreement will finally be moving
ahead.
Despite cybersecurity investments being still partly on hold, we believe
that the deferrals of these vital investments will not be sustained
during the second half of the year. During the first quarter, we also
saw a significant increase in cyber threats across industries, which
should increase demand for easily deployable solutions to securing
digital assets, making SSH well-positioned to capitalize on evolving
digital threats.
Financial Performance
Net sales for the first quarter were EUR 2.6 million (EUR 3.1 million),
down 15 % compared to Q1 2020.
License sales were down 31% while subscription sales were up 49%
compared to Q1 2020. Maintenance sales decreased 14% compared to Q1
2020.
The company's operating expenses increased 16 % compared to Q1 2020. A
significant part of this increase was due to items affecting
comparability such as recruitment fees and expenses related to our
ongoing ERP renewal project.
Due to the decline in revenue and increased growth investments, our
EBITDA declined to EUR -0.9 million (EUR -0.1 million).
Our operating loss for the period was EUR -1.4 million (EUR -0.6
million) and the net loss for the period was EUR
-1.5 million (EUR -0.4 million).
Our operating cash flow for the period was EUR 0.0 million (EUR 1.2
million). Our balance sheet and cash position remain stable and enable
SSH to execute its strategy.
Sales Performance
Sales in the EMEA region increased 7% compared to Q1 2020. Sales in the
AMER region increased 6% compared to Q1 2020. Sales in the APAC region
decreased 66% compared to Q1 2020, in part due to the impact of a large
order in Q1 of 2020.
During the quarter, we continued the transition towards a
subscription-based business model. All of our products are now available
on a subscription basis.
Tectia(R) Client/Server sales declined during the quarter because of the
large order recorded in Q1 2020 and the overall softness of the APAC
region. However, Tectia for z/OS sales grew compared to Q1 2020 and we
recorded a large Tectia z/OS sale to a major global automotive
manufacturer during the quarter.
UKM(R), NQX(R), and PrivX(R) sales all increased compared to Q1 2020. We
booked two large expansion deals for UKM to a Fortune 500 financial
institution. PrivX sales grew by +189% with several new and expansion
orders internationally. We also gained two new customers for NQX during
the first quarter.
Deltagon Acquisition
On January 29, 2021, we announced that SSH subsidiary Kyberleijona Oy
entered into an agreement to acquire Deltagon Oy, a leading Nordic
provider of secure messaging and transaction solutions. With the
acquisition, SSH gains a new, profitably growing subscription-based
business, a strong position in the Nordic security messaging market, and
a solid customer base.
The acquisition of Deltagon Oy, as announced on April 26, 2021, is now
completed with all required regulatory approvals received and other
closing conditions having been fulfilled. SSH will consolidate Deltagon
Oy into the Group as a subsidiary starting April 26, 2021, and will be a
part of the Group's financial reporting starting from Q2 of 2021.
As announced before, the acquisition is estimated to accelerate our
revenue growth and improve our operating profit and cashflow from
operations. The acquisition also supports our strategy of moving towards
a subscription-based business model.
Outlook
With the exception of the APAC region, we saw business conditions
starting to normalize during the first quarter. We had started making
focused investments in sales and marketing, R&D, and professional
services during the second half of 2020. This is evident in the growth
of our operating expenses while the impact of these investments has not
yet been visible in our top line.
While customers in some segments are still postponing their technology
investments, many have returned to normal business. PrivX with its
recurring revenue model is growing well today and NQX has attracted new
commercial customers. We are excited about the Deltagon acquisition and
are now proceeding with the integration of our businesses. Our major
contract for the delivery of cryptographic products and services will
begin to materialize soon and is based on subscription business model.
During the COVID-19 pandemic, we have seen a digitalization leap across
industries whereby many organizations have gone through fundamental
changes in ways of working and in the use of remote work tools.
Investments in cybersecurity have not been equivalent to the accelerated
adoption of new digital tools. We have recently seen a high number of
severe cybersecurity incidents. We expect the second half of 2021 to be
strong as companies release their cybersecurity investment budgets.
Teemu Tunkelo
CEO
CONSOLIDATED NET SALES
Consolidated net sales for January--March totaled EUR 2.6 million (EUR
3.1 million), a decrease of 14.6 %, year on year.
The Americas region accounted for 64.1 % (51.6 %); the Europe, Middle
East, and Africa region 24.2 % (19.4 %); and the Asia Pacific region
11.7 % (29.0 %) of reported net sales.
EUR million 1--3/2021 1--3/2020 Change % 1--12/2020
BY SEGMENT
AMERICAS 1.7 1.6 6.0 5.9
APAC 0.3 0.9 -65.6 2.1
EMEA 0.6 0.6 7.0 3.2
Total 2.6 3.1 -14.6 11.3
---------------------- --------- --------- -------- ----------
BY OPERATION
Subscription sales 0.2 0.2 49.4 0.8
License sales 0.5 0.8 -31.3 2.2
Maintenance sales 1.8 2.1 -13.9 7.8
Professional services
& others 0.0 0.0 36.6 0.4
Total 2.6 3.1 -14.6 11.3
---------------------- --------- --------- -------- ----------
The majority of SSH Communications Security's invoicing is US dollar
based. During the financial year, the average exchange rate of the US
dollar against the euro declined by 9.4 % compared to 2020. With
comparable exchange rates, the net sales reduction in Q1 2021 would have
been 8.5 % compared to Q1 2020.
RESULTS AND EXPENSES
Operating loss for January--March was EUR -1.4 million (EUR -0.6
million), with net loss totaling EUR -1.5 million (EUR -0.4 million).
Sales, marketing, and customer support expenses for January--March
amounted to EUR -2.0 million (EUR -1.8 million), while research and
development expenses totaled EUR -1.4 million (EUR -1.3 million) and
administrative expenses EUR -0.9 million (EUR -0.7 million). Operating
expenses increased by 16.4 % compared to the previous year.
BALANCE SHEET AND FINANCIAL POSITION
The financial position of SSH Communications Security remained stable
during the reporting period. The consolidated balance sheet total on
March 31, 2021 was EUR 15.7 million (March 31, 2020: EUR 20.8 million;
December 31, 2020: EUR 18.6 million), of which liquid assets accounted
for EUR 7.5 million (March 31, 2020: EUR 11,7 million; December 31,
2020: EUR 8.5 million), or 47.7 % of the balance sheet total.
Interest-bearing liabilities were EUR 1.2 million (March 31, 2020: 0.8
million; December 31, 2020: EUR 1.3 million). Interest-bearing
liabilities include a subordinated loan of EUR 0.6 million (March 31,
2020: 0.6 million; December 31, 2020: 0.6 million) taken out from the
non-controlling interest holder State Security Networks Group Finland.
On March 31, 2021 gearing, or the ratio of net liabilities to
shareholders' equity, was -109.4 % (March 31, 2020: -102.4 %December 31,
2020: -85.3 %) and the equity ratio stood at 60.6 % (March 31, 2020:
77.7 %; December 31, 2020: 69.7 %).
The reported gross capital expenditure for January--March totaled EUR
0.5 million (EUR 0.6 million). The reported financial income and
expenses in total to EUR -0.1 million (EUR 0.1 million) consisted mainly
of exchange rate gains or losses and interest expenses sales and leasing
contracts.
During January--March, SSH Communications Security generated a cash flow
of EUR 0.0 million (EUR 1.2 million) from business operations, and
investments showed a cash flow of EUR 0.3 million (EUR -0.6 million).
Cash flow from investments includes government grants of EUR 0.8 million
(EUR 0.0 million). Cash flow from financing totaled EUR -1.5 million
(EUR -1.0 million). Cash flow from financing includes the payment of
hybrid instrument interest of EUR 1.4 million (EUR 0.9 million). Total
cash flow from operations, investments and financing was EUR -1.2
million (EUR -0.4 million).
There were no short-term investments at the end of the reporting period.
RESEARCH AND DEVELOPMENT
Research and development expenses for January--March totaled EUR -1.4
million (EUR -1.3 million), the equivalent of 54.5 % of net sales (40.6
%). During January--March, the company capitalized development costs in
the amount of EUR 0.5 million (EUR 0.4 million). Capitalized product
development costs were reduced by the amount of EUR 0.2 million received
as funding from the EU (2020: EUR 0.2 million). The depreciation of R&D
capitalization assets was EUR -0.3 million (EUR -0.4 million).
HUMAN RESOURCES AND ORGANIZATION
At the end of March, the Group had 90 employees on its payroll (March
31, 2020: 87; December 31, 2020: 94). The number of employees increased
by three persons from the previous year and decreased by four persons
from the year-end (-4.3 %).
At the end of the period, 34.4 % (34.5 %) of the employees worked in
sales, marketing, and customer services, 51.1 % (52.9 %) in R&D, and
14.4 % (12.6 %) in corporate administration.
BOARD AND AUDITORS
The Annual General Meeting of SSH Communications Security Oyj was held
on March 25, 2021. The Annual General Meeting unanimously adopted the
consolidated financial statements and discharged from liability the
Board members and CEO who have been active during the accounting period
between January 1, 2020 and December 31, 2020. Henri Österlund, Kai
Tavakka, Sampo Kellomäki, and Christian Fredrikson (new member)
were elected as directors of the company's Board of Directors. At the
organizing meeting of the Board of Directors, Henri Österlund was
elected as the Chairman.
The Authorized Public Accountants Ernst & Young Oy were re-elected as
the auditor of the company. Ernst & Young Oy informed that Erkka
Talvinko, Authorized Public Accountant, will continue to act as the
principal auditor.
GROUP MANAGEMENT TEAM
On March 31, 2021, the Group Management Team consisted of the following
members:
Teemu Tunkelo, Chief Executive Officer
Niklas Nordström, Chief Financial Officer
Rami Raulas, Head of EMEA Region
SHARES, SHAREHOLDING, AND CHANGES IN GROUP STRUCTURE
The reported trading volume of SSH Communications Security shares
totaled 4,301,699 shares (valued at EUR 10,664,068) during the reporting
period. The highest quotation was EUR 3.26 and the lowest EUR 1.60. The
trade-weighted average share price for the period was EUR 2.48, and the
share closed at EUR 2.59 (March 31, 2021).
Accendo Capital is the largest shareholder of SSH, with 29.2 % of the
company shares and votes. Tatu Ylönen is the second-largest
shareholder of SSH with 18.0 % and Juha Mikkonen holds directly 5.2 % of
the company's shares. More information about the shareholding can be
obtained from the company's website www.ssh.com.
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 March 31, 2021, was EUR
1,164,066.99, consisting of 38,802,233 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. Based on the authorization, it
can be either issuing of new shares or transfer of own shares, which the
company may have in its possession.
Based on the authorization, the Board of Directors shall have the same
rights as the Annual General Meeting to decide upon the issuing of
shares against payment and special rights (including stock options) in
accordance with Chapter 10 Section 1 of the Finnish Companies Act.
Thereby, the authorization to be given to the Board of Directors
includes, inter alia, the right to deviate from the shareholders'
pre-emptive rights with directed issues providing that the company has a
compelling financial reason for the deviation with respect to the share
issue against payment.
Furthermore, the authorization includes the Board of Directors' right to
decide upon who is entitled to the shares and/or stock options or
special rights in accordance with Chapter 10 Section 1 of the Finnish
Companies Act as well as upon the related compensation, subscription and
payment periods and the registering of the subscription price into the
share capital or invested non-restricted equity fund within the limits
of the Finnish Companies Act.
The authorization will be valid until the next Annual General Meeting
but will expire at the latest on June 30, 2022.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon acquisition of a maximum
of 2,000,000 own shares of the company with assets belonging to the
company's non-restricted equity, which amounts to approximately 5.2
percent of the company's total shares. The shares can also be acquired
other than in proportion to the holdings of the existing shareholders.
The maximum compensation to be paid for the acquired shares shall be the
market price at the time of purchase, which is determined by public
trading.
The Board of Directors proposes that the authorization for the acquiring
of the company's own shares would be used, inter alia, in order to
strengthen the company's capital structure, to finance and realize
corporate acquisitions and other arrangements, to realize the
share-based incentive programs of the company or otherwise to be kept by
the company, to be transferred for other purposes or to be canceled. The
acquisition of shares reduces the company's distributable non-restricted
equity.
A decision concerning the acquisition of own shares must be made so that
the combined amount of the own shares, which are in possession of, or
held as pledges by, the company or its subsidiaries does not exceed
one-tenth of all shares. The Board of Directors shall decide upon all
other matters related to the acquisition of shares.
The authorization will be valid until the next Annual General Meeting
but will expire at the latest on June 30, 2022.
RISKS AND UNCERTAINTIES
The ongoing COVID-19 pandemic is a major macro-level risk that, if
prolonged, may affect SSH Communications Security through challenges it
poses on new license sales. The most substantial risks that might
otherwise affect the profitability of the company have remained the same
as in the previous reporting period and are listed below.
Largest risks:
- Uncertainty of the macroeconomic environment, such as the impact of
the COVID-19 pandemic
- Cybercrime, including, e.g., ransomware
- Delays in product development and closing new business as well as
phasing of new business cases
- Ability to execute the strategy
- Ability to retain and recruit key personnel
- Maintaining the ability to innovate and develop the product portfolio
including intellectual property rights (IPR)
- IPR litigation and utilization of the patent portfolio
- A large portion of the company revenue is invoiced in USD currency,
and possible significant fluctuation in USD currency rates during 2021
could have unpredictable effects on profitability. The company decides
on hedging of USD-based contracts case by case.
Principles and organization of risk management of SSH Communications
Security are available on the company's web page: www.ssh.com.
RELATED PARTY TRANSACTIONS
During the reporting period, there have not been any significant
transactions with related parties.
EVENTS AFTER THE BALANCE SHEET DATE
As announced on April 26, 2021, Kyberleijona Oy has received all
required regulatory approvals for the Deltagon acquisition, and other
closing conditions of the transaction have been fulfilled. As a result
of this, the acquisition of Deltagon Oy is completed. The details of the
transaction are described in the stock exchange release published on
January 29, 2021.
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
EUR million 1--3/2021 1--3/2020 1--12/2020
Net sales 2.6 3.1 11.3
Cost of sales 0.1 -0.1 -0.3
Gross margin 2.7 3.0 11.0
Other operating income 0.2 0.1 1.0
Selling, marketing and customer support
expenses -2.0 -1.8 -6.7
Research and development expenses -1.4 -1.3 -5.0
Administrative expenses -0.9 -0.7 -2.7
Operating profit/loss -1.4 -0.6 -2.5
Financial income and expenses -0.1 0.1 -0.6
Profit/loss before taxes -1.5 -0.4 -3.1
Taxes -0.0 0.0 0.0
Profit/loss for the period -1.5 -0.4 -3.1
-------------------------------------------- --------- --------- ----------
Attributable to:
Owners of the parent company -1.4 -0.4 -2.8
Non-controlling interests -0.1 -0.1 -0.2
-1.5 -0.4 -3.1
--------- --------- ----------
Other comprehensive income
Items which might be later transferred
to profit or loss:
Foreign subsidiary translation
differences 0.1 -0.1 0.3
Total comprehensive income -1.4 -0.5 -2.8
-------------------------------------------- --------- --------- ----------
Attributable to:
Owners of the parent company -1.4 -0.5 -2.6
Non-controlling interest -0.1 -0.1 -0.2
-1.4 -0.5 -2.8
--------- --------- ----------
Earnings per share
Earnings per share (EUR) -0.05 -0.02 -0.11
Diluted earnings per share (EUR) -0.05 -0.02 -0.11
CONDENSED CONSOLIDATED BALANCE SHEET
March 31, March 31, December
EUR million 2021 2020 31, 2020
ASSETS
Non-current assets
Property, plant and equipment 0.2 0.2 0.1
Right-of-use assets 0.6 0.2 0.7
Intangible assets 5.4 5.5 5.4
Investments 0.0 0.0 0.0
Total non-current assets 6.1 5.8 6.3
Current assets
Inventories 0.0 0.0 0.0
Trade and other receivables 2.0 3.3 3.8
Financial assets 0.0 0.0 0.0
Cash and cash equivalents 7.5 11.7 8.5
Total current assets 9.6 15.0 12.3
Total assets 15.7 20.8 18.6
--------------------------------------------- --------- --------- ---------
EQUITY AND LIABILITIES
Equity
Attributable to parent company's shareholders 5.4 10.1 8.1
Non-controlling interest 0.3 0.5 0.4
Total equity 5.7 10.7 8.5
Non-current liabilities
Borrowings 0.6 0.6 0.6
Lease liabilities 0.3 0.0 0.4
Advances received and deferred revenue 0.8 1.4 0.8
---------------------------------------------
Total non-current liabilities 1.7 2.1 1.7
Current liabilities
Trade and other payables 2.5 2.3 2.4
Lease liabilities 0.3 0.2 0.3
Advances received and deferred revenue 5.4 5.7 5.7
---------------------------------------------
Total current liabilities 8.3 8.1 8.4
Total equity and liabilities 15.7 20.8 18.6
--------------------------------------------- --------- --------- ---------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Attributable to the owners of the Company
Hybrid Unrestricted
Share capital Translation invested Retained Non-controlling Total
EUR million capital securities difference equity fund earnings Total interests equity
Equity Jan 1,
2020 1.2 12.0 -1.4 22.7 -23.0 11.4 0.6 12.0
Change -0.1 -0.9 -0.9 - -0.9
Net profit -0.4 -0.4 -0.1 -0.4
Equity March 31,
2020 1.2 12.0 -1.5 22.7 -24.2 10.1 0.5 10.7
Change 0.3 0.1 0.4 - 0.4
Net profit -2.5 -2.5 -0.2 -2.6
Equity December
31, 2020 1.2 12.0 -1.2 22.7 -26.6 8.1 0.4 8.5
Change 0.1 -1.3 -1.2 - -1.2
Net profit -1.4 -1.4 -0.1 -1.5
Equity March 31,
2021 1.2 12.0 -1.1 22.7 -29.3 5.4 0.3 5.7
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
EUR million 1--3/2021 1--3/2020 1--12/2010
Cash flow from operations 0.0 1.2 -0.2
whereof change in working capital 1.1 1.3 1.1
Cash flow from investing activities 0.3 -0.6 -1.5
Cash flow from financing activities -1.5 -1.0 -1.3
Increase (+) / decrease (-) in cash -1.2 -0.4 -3.0
Cash at period start 8.5 12.0 12.0
Effect of exchange rate 0.1 0.2 -0.4
Cash at period end 7.5 11.7 8.5
NOTES TO THE FINANCIAL STATEMENT RELEASE
The interim report for the three months reporting period ended March 31,
2021, has been prepared in accordance with IAS 34 Interim Financial
Reporting. This interim report does not include all the information and
disclosures required in the annual financial statements and should be
read in conjunction with the consolidated financial statements for the
year ended December 31, 2020. The information presented in this interim
report is unaudited.
The accounting policies adopted for this interim report are consistent
with those applied in 2020 consolidated financial statements except for
the adoption of new standards effective January 1, 2021. The Group has
not early adopted any standard, interpretation, or amendment that has
been issued but is not yet effective. The new standards and amendments
had no impact on the interim condensed consolidated financial statements
of the SSH Group.
CHANGES IN PROPERTY, PLANT, AND EQUIPMENT
March 31, March 31, December
EUR million 2021 2020 31, 2020
Carrying amount in the beginning of
the period 0.1 0.1 0.1
Increase 0.0 0.0 0.1
Depreciation and impairment -0.0 -0.0 -0.1
Foreign exchange rate differences -0.0 0.0 -0.0
Carrying amount at the end of the period 0.2 0.2 0.1
------------------------------------------ --------- --------- ---------
CHANGES IN RIGHT-OF-USE ASSETS
March 31, March 31, December
EUR million 2021 2020 31, 2020
Carrying amount in the beginning of
the period 0.7 0.3 0.3
Increase 0.0 - 0.8
Decrease -0.0 - -
Depreciation and impairment -0.1 -0.1 -0.4
Foreign exchange rate differences 0.0 0.0 -0.0
Carrying amount at the end of the period 0.6 0.2 0.7
----------------------------------------- --------- --------- ---------
Right-of-use assets include leased offices and software.
CHANGES IN INTANGIBLE ASSETS
March 31, March 31, December
EUR million 2021 2020 31, 2020
Carrying amount in the beginning of
the period 5.4 5.5 5.5
Increase 0.3 0.4 1.6
Amortization and impairment -0.4 -0.4 -1.6
Foreign exchange rate differences 0.0 0.0 0.0
Carrying amount at the end of the period 5.4 5.5 5.4
----------------------------------------- --------- --------- ---------
CONTINGENT LIABILITIES
March 31, March 31, December
EUR million 2021 2020 31, 2020
Interest on hybrid capital securities 0.0 0.0 1.0
Rent security deposits 0.1 0.2 0.2
KEY FIGURES AND RATIOS
SSH Communications Security provides the alternative performance measure
EBITDA, which is not defined by IFRS standards. Alternative performance
measures should not be considered as substitutes for performance
measures in accordance with IFRS.
EBITDA = Operating profit/loss + depreciation and impairment
KEY FIGURES AND RATIOS
EUR million 1--3/2021 1-3/2020 1--12/2020
Net sales 2.6 3.1 11.3
EBITDA -0.9 -0.1 -0.4
% of net sales -33.9 -1.8 -3.5
Operating profit/loss -1.4 -0.6 -2.5
% of net sales -53.5 -18.5 -22.1
Profit/loss before taxes -1.5 -0.4 -3.1
% of net sales -56.1 -14.5 -27.5
Return on equity (%) -20.9 -3.8 -30.0
Return on investment (%) -17.8 -3.7 -27.3
Interest-bearing net liabilities -6.3 -10.9 -7.2
Equity ratio (%) 60.6 77.7 69.7
Gearing (%) -109.4 -102.4 -85.3
Gross capital expenditure 0.5 0.6 2.1
% of net sales 20.2 19.8 18.8
R&D expenses -1.4 -1.3 -5.0
% of net sales 54.5 40.6 44.9
Personnel, period average 90 89 88
Personnel, period end 90 87 94
PER SHARE DATA
EUR 1--3/2021 1-3/2020 1--12/2020
Earnings per share undiluted(1) -0.05 -0.02 -0.11
Earnings per share diluted(1) -0.05 -0.02 -0.11
Equity per share 0.15 0.28 0.22
No. of shares at period average (thousand) 38 802 38 802 38 802
No. of shares at period end (thousand) 38 802 38 802 38 802
Share performance
Average price 2.48 1.07 1.28
Low 1.60 0.65 0.65
High 3.26 1.45 1.97
Share price period end 2.59 0.80 1.70
Market capitalization period end (EUR
million) 100.5 31.0 65.8
Volume of shares traded (million) 4.3 2.0 19.4
Volume of shares traded as % of total 11.1 5.1 50.1
Value of shares traded (EUR million) 10.7 2.1 24.9
Price per earnings ratio (P/E) neg. neg. neg.
Dividend per share 0.00 0.00 0.00
Dividend per earnings, % 0.00 0.00 0.00
Effective return on dividend, % 0.00 0.00 0.00
(1) Earnings per share is impacted by unpaid
interest of hybrid capital securities
RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES
The following table presents the reconciliation of EBITDA to the
operating profit/loss.
EUR million 1--3/2021 1-3/2020 1--12/2020
EBITDA -0.9 -0.1 -0.4
Depreciations and amortizations -0.5 -0.5 -2.1
Operating profit/loss -1.4 -0.6 -2.5
-------------------------------- --------- -------- ----------
DISCLAIMER
The contents of this report are provided by SSH Communications Security
and its third-party content providers for your personal information only
and do not constitute an offer or invitation to purchase any securities
nor does this report provide any form of advice (investment, tax, legal)
amounting to investment advice nor 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 Interim Report for the
second quarter of the year on July 20, 2021.
Helsinki, April 27, 2021
SSH COMMUNICATIONS SECURITY
Board of Directors
Teemu Tunkelo
CEO
For further information, please contact:
Teemu Tunkelo, CEO tel. +41 79 227 8362
Niklas Nordström, CFO tel. +358 50 541 0543
Distribution:
NASDAQ Helsinki Ltd.
Major media
www.SSH.com
(END) Dow Jones Newswires
April 27, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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