October 22, 2008
SSH Interim Report for January 1 - September 30, 2008
SSH COMMUNICATIONS SECURITY CORP STOCK EXCHANGE RELEASE, October 22,
2008, at 9:00 a.m.
SSH INTERIM REPORT FOR JANUARY 1 – SEPTEMBER 30, 2008
- Net sales for January-September totaled EUR 6.3 million, down by
47.4 % percent year on year (EUR 11.9 million in Q1-Q3/2007).
- Third-quarter net sales came to EUR 2.0 million, down by 75.0
percent on a year earlier (EUR 7.8 million in Q3/2007). The third
quarter of the previous year contained the company’s largest order so
far.
- Operating loss for January–September amounted to EUR –1.1 million
(an operating profit of 3.2 million in Q1-Q3/2007), loss EUR –0.4
million (3.9 million). Third-quarter operating profit was EUR -0.3
million and net profit was EUR -0.1 million. In spite of the loss the
company’s financial position remained healthy, with equity ratio 92.5%
(93.4%)and liquid assets at the end of the period EUR 16.1 million
(EUR 20.9 million).
- The company signed four significant license agreements during the
period. The largest order, value about EUR 0.6 million, came from a US
public sector contractor.
KEY FIGURES
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2008 2007 2008 2007 2007
Net sales (MEUR) 2.0 7.8 6.3 11.9 14.2
Net sales, change % -75.0 342.6 -47.4 94.8 58.1
Operating profit/loss -0.3 4.4 -1.4 3.2 2.2
(MEUR)
% of net sales -16.9 55.9 -22.7 27.2 15.7
Operating profit/loss, -107.6 996.5 -143.9 327.6 262.8
change %
Profit/loss before taxes -0.1 4.6 -0.9 3.9 3.1
(MEUR)
% of net sales -7.6 59.2 -13.9 32.4 21.9
Number of employees 75 84 75 84 83
at period end
Earnings per share (EUR) -0.04 0.14 0.11
Shareholders’ equity per 0.53 0.75 0.72
share (EUR)
SSH Communications Security is a world-leading provider of enterprise
security solutions and end-to-end communications security, and the
original developer of the Secure Shell protocol. The company’s SSH
Tectia solution addresses the most critical needs of large
enterprises, financial institutions and government agencies.
NET SALES
Consolidated net sales for January-September totaled EUR 6.3 million
(EUR 11.9 million), down by –47.4 % percent, year on year. Net sales
for the third quarter totaled EUR 2.0 million, a decrease of 75.0 %
compared to the corresponding quarter for year 2007.
The majority of SSH’s invoicing is based on the U.S. dollar. During
the report period, the U.S. dollar’s average exchange rate to euro
weakened approximately 13 percent compared to the same period a year
ago. At constant currency, net sales would have decreased -43 percent
compared to the January-September period and -74 percent compared to
the third quarter of year 2007.
RESULTS AND EXPENSES
Operating loss for January–September amounted to EUR –1.4 million (Q1-
Q3/2007: an operating profit of EUR 3.2 million), with net loss
totaling EUR –1.1 million (a profit of EUR 3.9 million). Operating
loss for the third quarter totaled EUR –0.3 million (a profit of EUR
4.4 million), with net loss amounting to EUR -0.4 million (a profit of
EUR 4.6 million).
Research and development expenses for the report period totaled EUR
2.9 million (EUR 2.6 million), while sales and marketing expenses
amounted EUR 3.6 million (EUR 5.0 million) and administrative expenses
EUR 1.2 million (EUR 1.2 million).
The result of the reporting period is influenced by a EUR 0.2 million
writeoff of a deferred tax asset.
During the reporting period, SSH Communications Security KK, fully
owned subsidiary of SSH, was liquidated. The procedure incurred no
material expenses as the charges were covered by a restructuring cost
recorded in the previous financial year.
BALANCE SHEET AND FINANCIAL POSITION
The financial position of SSH remained at a healthy level during the
report period, which also included a distribution of EUR 4.3 million
to the shareholders. The consolidated balance sheet total on September
30, 2008 stood at EUR 19.0 million (EUR 25.2 million), of which liquid
assets accounted for EUR 16.1 million (EUR 20.9 million), or 84.7
percent of the balance sheet total. The company’s interest bearing
liabilities, EUR 0.2 million, comprised lease finance commitments. On
September 30, 2008, gearing, or the ratio of net liabilities to
shareholders’ equity, was –106.1 percent (-98.6) and the equity ratio
stood at 92.5 percent (93.4).
In August, permission was obtained to implement the decrease of the
company's share premium fund, decided by the Annual Shareholders
Meeting on March 27, 2008. Share premium fund was decreased by
transferring all assets from the fund to unrestricted equity fund.
The reported gross capital expenditure for the period totaled EUR 0.1
million (EUR 0.1 million), plus lease financed commitments EUR 0.2
million (0.0). The reported financial income consisted
mainly of interest on fixed-term deposits. Financial income and
expenses totalled EUR 0.6 million (EUR 0.6 million).
During January-September, SSH reported a negative cash flow of EUR
–2.1 million from business operations, and investments showed a
positive cash flow of EUR +6.8 million. Cash flow from financing
totaled EUR –4.3 million. Cash flow from operations, investments and
financing resulted in the company showing a positive total cash flow
of EUR 0.4 million during the period.
CHANGE IN ACCOUNTING PRACTISE FOR RECORDING PROFITS FROM SALES (IAS8)
The accounting practice for recording of maintenance sales revenue was
restated in September 2008, with all maintenance sales revenue being
now periodised. Earlier, only significant sales items (exceeding EUR
5 000) were periodised over the lifetime of the maintenance period.
The new practice is in accordance with IAS 8.
The change did not have material impact on net sales in January-
September 2008 or in other periods. The change, however, reduces share
capital and increases short-term liabilities. For consistency,
comparison data has been restated as well. The impact of the restate
is as follows:
RESTATE IMPACT
(MEUR) 1-3/ 1-6/ 1-9/ 1-9/ 1-12/
2008 2008 2008 2007 2007
Net sales 0.0 -0.1 0.0 0.0 0.1
Operating profit/loss 0.0 -0.1 0.0 0.0 0.1
Profit/loss before taxes 0.0 -0.1 0.0 0.0 0.1
Earnings per share (EUR) 0.0 0.0 0.0 0.0 0.0
Shareholders’ equity -0.4 -0.4 -0.4 -0.4 -0.4
Long-term liabilities 0.0 0.0 0.0 0.0 0.0
Short-term liabilities 0.4 0.4 0.4 0.4 0.4
Total liabilities and 0.0 0.0 0.0 0.0 0.0
shareholders’ equity
Quarterly values of original and restated financials are presented at
the end of this interim report.
MARKET DEVELOPMENTS
The most significant users of the company’s products are large
enterprises and public sector organizations. The most important market
area is the USA. During the current year macro economic factors have
affected the demand, and many customers have been forced to postpone
their projects.
Large enterprise, financial, and public sector organizations have a
growing need for improved data security in several ways. SSH is
confident that legislative reforms in developed countries, global data
security standards, as well as many industry and company level data
security development programs will continue to drive demand favorably
for SSH Tectia. We believe as the macro-level outlook starts
stabilizing, the demand in the important market segments will
normalize.
SALES PERFORMANCE
SSH’S NET SALES
EUR million 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 1-12/
2008 2008 2008 2007 2007 2007
BY SEGMENT
AMER 1.2 1.8 1.3 1.5 7.3 11.7
APAC 0.2 0.2 0.3 0.2 0.2 0.8
EROW 0.5 0.7 0.5 0.6 0.3 1.8
SSH Group total 2.0 2.5 1.8 2.3 7.8 14.2
BY OPERATION
License sales 0.8 1.5 0.7 1.1 6.8 10.1
Maintenance 1.1 1.0 1.1 1.1 1.1 4.1
Total 2.0 2.5 1.8 2.3 7.8 14.2
The Americas, the Asia Pacific region, and the ‘Europe and Rest of the
World’ market area accounted for 61.4 percent (85.2 percent), 11.2
percent (5.0 percent) and 27.4 percent (9.8 percent) of reported net
sales, respectively.
During the report period, SSH concluded five new license agreements
that were worth more than EUR 100,000. The ten largest customers
accounted for 40 percent of reported net sales, with the largest
single customer accounting for approximately 9 percent.
PRODUCTS AND MARKETING
During the report period, SSH focused its sales and marketing efforts
on large enterprises, financial institutions, and government agencies
in the USA, Europe, and Asia, in line with its long-term strategy. The
company continued also developing its partner network in the same
focus markets.
The marketing focus was on the company’s new Tectia security solutions
of IBM mainframe environment and SSH Tectia’s enhanced file transfer
applications for large internal enterprise networks. The company
continued the development of the new third generation
architecture–based products. The company also made further development
of the productisation to provide higher value, new features and
expanded uses, as well as enabling easier purchasing for the
customers.
New applications, support of all essential enterprise OS platforms
including IBM mainframes, versatile integration capabilities, and
centralized management have made SSH Tectia the most extensive
integrated end-to-end communications security solution in the market.
RESEARCH AND DEVELOPMENT
Research and development expenses for January-September totaled EUR
2.9 million (EUR 2.6 million), the equivalent of 46.7 percent of net
sales (22.0 percent). During the report period SSH didn’t capitalize
any research and development expenses.
HUMAN RESOURCES AND ORGANIZATION
At the end of September, the Group had 75 employees on its payroll,
down by 9 from the previous year, an decrease of 10.7 percent.
At the end of the period, 53.3 percent of the employees worked in R&D,
36.0 percent in sales and marketing, and 10.7 percent in corporate
administration.
BOARD AND AUDITORS
The Annual General Meeting (AGM) on March 27, 2008 re-elected Tomi
Laamanen, Timo Ritakallio and Tatu Ylönen to SSH Communications
Security Corp.’s Board of Directors. New board members, Pyry Lautsuo
and Juha Mikkonen were elected to the board. Tomi Laamanen continues
as chairman.
The AGM again elected to have 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 2,798,440 (valued at EUR 3,914,988). The highest
quotation was EUR 1.69 and the lowest EUR 0.99. The trade-weighted
average share price for the period was EUR 1.41, and the share closed
at EUR 1.05 (September 28, 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, 52.9 percent of the company's shares,
Assetman Oy holds 14.7 % and Tero Kivinen holds 5.2 percent. More
information about the shareholding can be obtained from the company´s
web site.
During the report period, the Group decided to have the
Japanese subsidiary SSH Communications Security K.K go into voluntary
liquidation. This is a fully owned subsidiary of SSH. This arrangement
is a part of the re-structuring of company's Asian sales organization,
with a goal to sharpen the geographical sales focus, to increase the
role of resellers and to decrease costs.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
The company’s registered share capital on September 30, 2008 was EUR
856,508.25, consisting of 28,550,275 shares. During the report period,
SSH increased its share capital twice, based on subscription to
the new shares under SSH’s stock-option plan. In total, 750 new
SSH shares were subscribed under the I/1999 stock option plan,
1,913 shares under the I/2003 stock option plan and 11,500 shares
under the II/2003 stock option plan respectively. With these
subscriptions the company's share capital was increased by EUR
424.89.
The Annual General Meeting 27 March 2008 decided, in accordance with
the proposal made by the Board of Directors, to authorize the Board of
Directors to decide on issuing the maximum of 5,500,000 shares in one
or more new share issues or on issuing special rights to share
subscription as defined in the Finnish Companies Act Chapter 10,
section 1, with or without subscription rights to shareholders.
This authorization is effective until the next Annual General
Meeting, but will expire 30 June 2009, at the latest. The Board has
not exercised this authorization.
The Annual General Meeting also authorized the Board of Directors to
decide on dividend distribution and/or on distribution of assets from
the invested unrestricted equity fund. By virtue of the authorization,
the distributed assets can be a maximum of 0.15 euro per share and EUR
4,350,000 in total. The authorization is valid until 31 December
2008. Further, the Board of Directors was authorized to lower the
subscription price of shares that can be subscribed on the grounds of
the stock option plans released by the Company between years 2000 and
2003, at an amount which equates the distribution of assets. On 2
April 2008, after the end of the report period, the Board of Directors
decided to distribute 0.15 euro per share from the invested
unrestricted equity fund to the shareholders, and to lower the
subscription price of the 2000 - 2003 stock option plans by the same
amount. The date of payment was 15 April, 2008.
CORPORATE GOVERNANCE
The company complies with the corporate governance recommendations for
listed companies issued by the NASDAQ OMX Helsinki, the Central
Chamber of Commerce of Finland, and the Confederation of Finnish
Industry and Employers. More information on corporate governance is
available on the company's Web site (www.ssh.com).
PROSPECTS
The outlook of the world economy has weakened fast. The company
estimates its results to remain at loss for the year 2008.
The company’s actual sales so far and estimations for the rest of the
year have been impacted especially by the slow-down of IT investments
of banks and other financial sector enterprises, as well as the
development of sales to other large customers in the USA. The company
continues arrangements to cut operating expenses and return to
profitability.
INCOME STATEMENT
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2008 2007 2008 2007 2007
Net sales 2.0 7.8 6.3 11.9 14.2
Purchasing and production 0.0 0.0 0.0 0.0 0.0
costs
Gross profit 2.0 7.8 6.3 11.9 14.2
Other operating income 0.0 0.0 0.1 0.1 0.1
Expenses
Product development -0.9 -0.8 -2.9 -2.6 -3.7
Sales and -1.0 -2.3 -3.6 -5.0 -6.5
marketing
Administration -0.4 -0.3 -1.2 -1.2 -1.7
Operating profit/loss -0.3 4.4 -1.4 3.2 2.2
Financial income and expenses 0.2 0.3 0.6 0.6 0.9
Profit/loss before taxes -0.1 4.6 -0.9 3.9 3.1
Taxes -0.2 0.0 -0.2 0.0 0.0
Net profit/loss for the -0.4 4.6 -1.1 3.9 3.1
period
EARNINGS PER SHARE 1-9/ 1-9/ 1-12/
2008 2007 2007
Earnings per share (EUR) -0.04 0.14 0.11
Earnings per share, diluted -0.04 0.13 0.11
(EUR)
BALANCE SHEET
EUR million 9/30/ 9/30/ 12/31/
2008 2007 2007
ASSETS
Fixed and other non-current
assets
Tangible assets 0.4 0.1 0.1
Intangible assets 0.0 0.1 0.1
Deferred tax assets 0.0 0.2 0.2
Total fixed and other 0.4 0.5 0.5
non-current assets
Inventories and current
assets
Short-term receivables 2.5 3.7 3.0
Short-term investments 14.0 15.5 20.3
Cash and cash equivalents 2.1 5.4 1.7
Total inventories and current 18.6 24.7 25.1
assets
Total assets 19.0 25.2 25.5
LIABILITIES AND SHAREHOLDERS’
EQUITY
Shareholders’ equity 15.1 21.2 20.4
Long-term liabilities
Provisions 0.0 0.0 0.2
Long-term financial 0.1 0.0 0.0
liabilities
Total long-term liabilities 0.1 0.0 0.2
Short-term liabilities 3.8 4.0 4.9
Total liabilities and 19.0 25.2 25.5
shareholders’ equity
CASH FLOW STATEMENT
EUR million 1-9/ 1-9/ 1-12/
2008 2007 2007
Cash flow from business operations -2.1 3.9 5.1
Cash flow from investments 6.8 -0.2 -5.0
Cash flow from financing -4.3 0.0 0.0
Increase(+) / decrease (-) in 0.4 3.7 0.1
liquid assets
Liquid assets at period start 1.7 1.7 1.7
Adjustment for translation 0.0 -0.1 -0.1
difference
Liquid assets at period end 2.1 5.4 1.7
STATEMENT ON CHANGES IN
SHAREHOLDERS’ EQUITY
EUR million Share Share Fair Trans- Unrest- Total
Capi- Premi- value lation ricted
tal um reser- diff. equity
ves funds and
retained
earnings
Shareholders’ 0.9 11.5 0.1 -0.8 6.3 18.0
equity
Jan. 1, 2007
Change 0.0 0.0 0.0 -0.2 -2.1
Shareholders’ 0.9 11.5 0.1 -1.0 4.2 21.6
equity
Sep. 30, 2007
Change 0.0 0.0 0.0 -0.1 5.2
Shareholders´ 0.9 11.5 0.1 -1.1 9.4 20.8
equity
Dec. 31, 2007
Change 0.0 -11.5 0.0 0.1 7.3
Net profit -0.9
Shareholders’ 0.9 0.0 0.1 -1.4 15.5 15.1
equity
Sep. 30, 2008
NET SALES BY SEGMENT
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2008 2007 2008 2007 2007
AMER 1.2 7.3 4.2 10.2 11.7
APAC 0.2 0.2 0.7 0.6 0.8
EROW 0.5 0.3 1.4 1.2 1.8
SSH Group total 2.0 7.8 6.3 11.9 14.2
OPERATING PROFIT/LOSS
BY SEGMENT
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2008 2007 2008 2007 2007
AMER 0.5 5.6 1.9 7.0 7.6
APAC 0.2 0.0 0.2 0.3 0.3
EROW 0.3 0.0 0.8 -0.1 -0.1
Common Group expenses* -1.3 -1.3 -4.3 -3.9 -5.5
SSH Group total -0.3 4.4 -1.4 3.2 2.2
* 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
1-9/ 1-9/ 1-12/
2008 2007 2007
Net sales (MEUR) 6.3 11.9 14.2
Operating profit/loss (MEUR) -1.4 3.2 2.2
Operating profit/loss, as % of -22.7 27.2 15.7
net sales
Profit/loss before extraordinary -0.9 3.9 3.1
items and taxes (MEUR)
Profit/loss before extraordinary -13.9 32.4 21.9
items and taxes, as % of net
sales
Profit/loss before taxes (MEUR) -0.9 3.9 3.1
Profit/loss before taxes, as -13.9 32.4 21.9
% of net sales
Return on investment (%) -3.3 15.3 17.1
Return on equity (%) -4.7 15.0 16.3
Interest-bearing net liabilities -16.0 -20.9 -22.0
(MEUR)
Equity ratio (%) 92.5 93.4 91.3
Gearing (%) -106.1 -98.6 -107.8
Gross capital expenditure (MEUR) 0.0 0.1 0.1
% of net sales 0.0 0.7 0.7
R&D expenses (MEUR) 2.9 2.6 3.7
% of net sales 46.7 22.0 25.9
Personnel, period average 78 81 81
Personnel, period end 75 84 83
PER-SHARE DATA
1-9/ 1-9/ 1-12/
2008 2007 2007
Earnings per share, undiluted -0.04 0.14 0.11
(EUR)
Earnings per share, diluted -0.04 0.13 0.11
(EUR)
Equity per share (EUR) 0.53 0.74 0.72
No. of shares at period end 28 550 28 507 28 536
(thousands)
Share performance (EUR)
Average price 1.41 1.51 1.63
Low 0.99 1.12 1.12
High 1.69 2.00 2.39
Share price, period end 1.05 1.92 1.61
Market capitalization, period 30.0 54.7 45.9
end (MEUR)
Volume of shares traded 2.8 11.8 15.0
(in millions)
Volume of shares traded, as 9.8 41.4 52.6
% of total
Value of shares traded, in 3.9 18.0 24.5
millions of euros
Price-to-earnings ratio (P/E) 14.8
CONTINGENT LIABILITIES
EUR million 9/30 9/30 12/31
2008 2007 2007
Rental liabilities 0.0 0.0 0.1
Leasing commitments outside
the balance sheet
Maturing within 1 year 0.7 0.6 0.7
Maturing between 1 and 5 0.7 0.8 1.1
years
Currency derivatives (not
included in hedge accounting)
Fair value 0.0 0.0 0.0
Nominal value 0.0 1.8 0.0
This interim report has been compiled observing IAS 34 (Interim
Financial Reporting) accounting standard. The same accounting
principles have been used in the financial statements for 2007. These
data are based on unaudited figures.
IMPACT OF THE CHANGE IN ACCOUNTING PRACTISE FOR RECORDING PROFITS FROM
SALES (IAS8)TO GROUP’S FINANCIALS PER QUARTER
1-3/ 2007 ORIGINAL RESTATED DIFFERENC
(MEUR) VALUE VALUE E
Net sales (MEUR) 2.6 2.6 0.0
Operating profit/loss 0.0 0.0 0.0
Profit/loss before taxes 0.2 0.1 0.0
Earnings per share (EUR) 0.0 0.0 0.0
Shareholders’ equity 17.6 18.1 0.4
Long-term liabilities 0.0 0.0 0.0
Short-term liabilities 3.2 2.8 -0.4
Total liabilities and 20.9 20.9 0.0
shareholders’ equity
1-6/ 2007 ORIGINAL RESTATED DIFFERENC
(MEUR) VALUE VALUE E
Net sales (MEUR) 4.1 4.1 0.0
Operating profit/loss -1.1 -1.1 0.0
Profit/loss before taxes -0.8 -0.8 0.0
Earnings per share (EUR) 0.0 0.0 0.0
0.0
Shareholders’ equity 16.7 17.1 0.5
Long-term liabilities 0.0 0.0 0.0
Short-term liabilities 2.9 2.5 -0.5
Total liabilities and 19.6 19.6 0.0
shareholders’ equity
1-9/ 2007 (MEUR) ORIGINAL RESTATED DIFFERENC
VALUE VALUE E
Net sales (MEUR) 11.9 11.9 0.0
Operating profit/loss 3.2 3.2 0.0
Profit/loss before taxes 3.9 3.8 0.0
Earnings per share (EUR) 0.0 0.0 0.0
0.0
Shareholders’ equity 21.2 21.6 0.4
Long-term liabilities 0.0 0.0 0.0
Short-term liabilities 4.0 3.6 -0.4
Total liabilities and 25.2 25.2 0.0
shareholders’ equity
1-12/ 2007 ORIGINAL RESTATED DIFFERENC
(MEUR) VALUE VALUE E
Net sales (MEUR) 14.2 14.1 -0.1
Operating profit/loss 2.2 2.2 -0.1
Profit/loss before taxes 3.1 3.0 -0.1
Earnings per share (EUR) 0.0 0.0 0.0
0.0
Shareholders’ equity 20.4 20.8 0.4
Long-term liabilities 0.2 0.2 0.0
Short-term liabilities 4.9 4.5 -0.4
Total liabilities and 25.5 25.5 0.0
shareholders’ equity
1-3/ 2008 ORIGINAL RESTATED DIFFERENC
(MEUR) VALUE VALUE E
Net sales (MEUR) 1.8 1.9 0.0
Operating profit/loss -0.9 -0.8 0.0
Profit/loss before taxes -0.7 -0.6 0.0
Earnings per share (EUR) 0.0 0.0 0.0
0.0
Shareholders’ equity 19.8 20.2 0.4
Long-term liabilities 0.2 0.2 0.0
Short-term liabilities 3.7 3.3 -0.4
Total liabilities and 23.7 23.7 0.0
shareholders’ equity
1-6/ 2008 ORIGINAL RESTATED DIFFERENC
(MEUR) VALUE VALUE E
Net sales (MEUR) 4.3 4.4 0.1
Operating profit/loss -1.1 -1.0 0.1
Profit/loss before taxes -0.7 -0.6 0.1
Earnings per share (EUR) 0.0 0.0 0.0
0.0
Shareholders’ equity 15.4 15.9 0.4
Long-term liabilities 0.4 0.4 0.0
Short-term liabilities 3.5 3.0 -0.4
Total liabilities and 19.3 19.3 0.0
shareholders’ equity
1-9/ 2008 ORIGINAL RESTATED DIFFERENC
(MEUR) VALUE VALUE E
Net sales (MEUR) 6.3 6.3 0.0
Operating profit/loss -1.4 -1.4 0.0
Profit/loss before taxes -0.9 -0.9 0.0
Earnings per share (EUR) 0.0 0.0 0.0
0.0
Shareholders’ equity 15.1 15.5 0.4
Long-term liabilities 0.1 0.1 0.0
Short-term liabilities 3.8 3.4 -0.4
Total liabilities and 19.0 19.0 0.0
shareholders’ equity
STATEMENT ON CHANGES IN
SHAREHOLDERS’ EQUITY
EUR million Share Share Fair Trans- Unrest- Total
Capital Premium value lation ricted
reserves differ- equity
rence funds
and
retained
earnings
Shareholder 0.9 11.5 0.1 -0.8 6.3 18.0
s’ equity
1.1.2007
Shareholder 0.9 11.5 0.1 -0.8 5.9 17.5
s’ equity ,
restated
1.1.2007
Shareholder 0.9 11.5 0.1 -0.9 6.4 18.1
s’ equity
30.3.2007
Shareholder 0.9 11.5 0.1 -0.9 6.0 17.6
s’ equity ,
restated
30.3.2007
Shareholder 0.9 11.5 0.1 -0.9 5.6 17.1
s’ equity
30.6.2007
Shareholder 0.9 11.5 0.1 -0.9 5.1 16.7
s’ equity ,
restated
30.6.2007
Shareholder 0.9 11.5 0.1 -1.0 10.1 21.6
s’ equity
30.9.2007
Shareholder 0.9 11.5 0.1 -1.0 9.7 21.2
s’ equity ,
restated
30.9.2007
Shareholder 0.9 11.5 0.1 -1.1 9.4 20.8
s’ equity
31.12.2007
Shareholder 0.9 11.5 0.1 -1.1 8.9 20.4
s’ equity ,
restated
31.12.2007
Shareholder 0.9 11.5 0.1 -1.0 8.7 20.2
s’ equity
30.3.2008
Shareholder 0.9 11.5 0.1 -1.0 8.3 19.8
s’ equity ,
restated
30.3.2008
Shareholder 0.9 11.5 0.1 -1.1 4.5 15.9
s’ equity
30.6.2008
Shareholder 0.9 11.5 0.1 -1.0 3.9 15.4
s’ equity ,
restated
30.6.2008
Shareholder 0.9 0.0 0.1 -1.4 15.5 15.1
s’ equity ,
restated
30.9.2007
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, 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.
FINANCIAL REPORTING
The company will hold a briefing on its interim report for equity
analysts and the media in Hotel Scandic Marski, Filip 1-cabinet, 2nd
floor, address Mannerheimintie 10, 00100 Helsinki on Wednesday,
October 22nd 2008, starting at 11:00 a.m.
SSH Communications Security Corp will release its next interim report
and financial statements for January 1–December 31, 2008 in February
2009. Further information will be available on the company’s website
in due course.
Helsinki, on October 22, 2008
SSH COMMUNICATIONS SECURITY CORP
Board of Directors
Arto Vainio
CEO
Investor Relations/CFO
Mika Peuranen
Tel: +358 20 500 7419
E-mail: 