Helsinki, Finland -
April 23, 2003
SSH Interim Report January 1 - March 31, 2003
- Net sales were EUR 3.6 million, down -18.2 percent from the same
period of previous year (EUR 4.4 million in 2002).
- Operating loss decreased to EUR -1.9 million (a loss of EUR 2.8
million).
- Fixed costs decreased by about EUR 1.8 million compared to the
first quarter of 2002, to EUR 4.9 million (EUR 6.7 million)
- During the first quarter, the company concluded four agreements,
each worth over EUR 100,000.
- SSH completed joint discussions with its Kuopio employees over re-
deploying the Kuopio operations in Helsinki.
- SSH signed in April a Letter of Intent with a major Japanese
hardware manufacturer concerning the licensing of its VPN hardware
technology.
KEY FIGURES
1-3/03 1-3/02 2002
Net sales, EUR million 3.6 4.4 16.8
Net sales, growth % -18.2 -31.3 -15.4
Operating loss, EUR million -1.9 -2.8 -14.1
% of net sales -54.7 -64.6 -83.7
Operating loss, growth % -30.4 -29.4 -109.3
Profit before extraordinary -2.1 -2.4 -13.6
items and taxes, EUR million
% of net sales -59.7 -56.2 -80.6
Number of employees 140 187 147
Period-end
Earnings/share, EUR -0.08 -0.09 -0.49
Equity/share, EUR 1.22 1.70 1.30
NET SALES
Consolidated net sales for January - March totaled EUR 3.6 million
(EUR 4.4 million), down by 18.2 percent, year on year. In the USA
the net sales grew by 12.9 percent compared to the corresponding
period last year, even though the US dollar has fallen by
approximately 16 percent during the same time. Since SSHs
invoicing is mostly in terms of USD, the fall in that rate affects
the comparability of the sales figures.
Compared to the previous quarter, SSHs net sales fell by 19.2
percent. The persistent uncertain mood in the global economy was
reflected in the investment behavior of SSHs customers, and as
delaying purchase decisions.
RESULTS AND EXPENSES
Despite the unfavorable development of net sales, SSHs operating
loss decreased to EUR -1.9 million (a loss of EUR 2.8 million) in
January - March, its net loss totaling EUR -2.1 million (a loss of
EUR 2.8). The first-quarter operating loss was burdened by the non-
recurring expenses of EUR 0.3 million caused by the discontinuation
of the Kuopio office.
SSH has succeeded in its actions to cut fixed expenses. Year on
year, fixed expenses decreased by about EUR 1.8 million, half of
them stemming from reduced payroll costs and half from other
operating costs reductions.
R&D expenses totaled EUR 1.6 million (EUR 2.1 million) in January -
March, while administration expenses were EUR 0.8 million (EUR 1.4
million) and sales and marketing expenses came to EUR 2.5 million
(EUR 3.2 million).
SSH continues to develop its operations and cut its costs. During
the second quarter of 2003, other operating expenses are expected
to fall further due to the cost-cutting measures already taken.
The completed cost reductions will improve the company's ability to
make a profit. As the market recovers and customers see increased
IT security requirements and improved investment capabilities, new
opportunities will open up for increasing SSHs net sales.
BALANCE SHEET AND FINANCIAL POSITION
The company's consolidated balance sheet total on March 31, 2003
stood at EUR 37.8 million (EUR 53.1 million), of which the liquid
assets accounted for EUR 30.8 million (EUR 41.7 million), or 81.4
percent of the balance sheet total. The company has no long-term
liabilities other than the subordinated loan of EUR 0.2 million
granted by the Finnish National Technology Agency (Tekes).
Gearing, or the ratio of net liabilities to shareholders equity,
was -90.6 (-87.8) at the end of the first quarter. The equity ratio
on March 31, 2003 was 92.9 percent (92.2 percent).
The reported gross capital expenditure totaled EUR 0.2 million (EUR
0.1 million), consisting mostly of investment in software. The
reported financial income consisted of interest income, investment
income and fair value losses. Financial income and expenses totaled
EUR -0.2 million, whereas a year ago they were EUR 0.4 million. The
increase in the value of interest funds, worth EUR 0.2 million,
hasn't been recognized.
MARKET DEVELOPMENTS
The quarter was characterized by the threat of war between the USA
and Iraq, and eventually the outbreak of the war. This particularly
eroded US end-user companies willingness to invest at quarter-end.
The postponement of investment decisions that started in late 2002
spread through all market areas, and the quarter-end failed to
experience the accelerating rate of investment decisions, typical
of the industry towards the end of each quarter, because of the
outbreak of the war. In addition to end-user companies, hardware
and software manufacturers investments also remained on low
levels, focusing only on the most necessary purchases.
Despite the end-user customers increased interest in data
security, their investments were particularly eroded by their
smaller budgets due to economic uncertainties, resulting also in
increased competition in the USA, Europe and Asia. The market for
the IPSec and Secure Shell Toolkit products licensed for hardware
and software manufacturers was also cautious regarding the launch
of new R&D projects, with intensifying competition.
Competition remained tough in the market for the VPN (Virtual
Private Network) and PKI (Public Key Infrastructure) software.
As the worlds leading developer of IPSec and Secure Shell
technologies, SSH holds a strong position in its main market areas.
Despite fiercer competition the company estimates that it held its
leadership market share for IPSec and Secure Shell technologies.
SALES PERFORMANCE
Change in the Reporting Practice
According to the strategy re-focused in the fall of 2002, SSH will
focus on serving large companies, banks, and other financial
institutions and public-sector organizations. It aims to deepen its
existing customer relationships and increase the average size of
deals. As part of the new strategy, SSH has adopted a new sales
reporting practice since the first quarter of 2003.
As the focus of sales is shifting towards b-to-b and application
sales, the division into one-time and royalty based deals no longer
gives an accurate picture of the companys business development.
Therefore, SSH will no longer report on the number of large one-
time license and maintenance deals. For the same reasons, it has
discontinued dividing its net sales between the continuous income
flow and one-time deals.
As SSH's channel strategy is changing and the company is more
clearly focusing on direct sales to its customers, the monitoring
of the number of distributors no longer gives an accurate picture
of the business development. For this reason, it has also
discontinued reporting on the number of its distributors.
To emphasize its aim to increase the average size of its deals, SSH
will, as of the first quarter of 2003, report on the customer
agreements concluded during each quarter, worth over EUR 100,000,
instead of the previous EUR 50,000. In addition, SSH will report on
the most significant published individual deals for its business
operations. To help reflect this strategy, it will begin to report
on the proportion of the sales generated by its ten largest
customers of consolidated net sales during the reporting period.
In addition, the company will report on its net sales and operating
results by its three geographical segments. According to IAS
requirements, these geographical segments including Americas
(AMER), Asia Pacific (APAC), and Europe, and Rest of the World
(EROW). SSH has complied with the International Accounting Standard
(IAS) in its net sales entries since the beginning of 2002.
The company will also report its net sales by its two product
groups. The Enterprise Security Products group includes the end-
user versions of the SSH Secure Shell product and the SSH Certifier
product family. The OEM Products group includes Toolkits and SSH
Sentinel product. This particular division by product group is not
the segment division meant by IAS, but it is aimed at providing
additional information on the market to make it easier to follow
the developments of SSHs net sales.
Sales Performance
SSHS NET SALES
EUR million 1-3/ 10-12/ 7-9/ 4-6/ 1-3/ 1-12/
2003 2002 2002 2002 2002 2002
BY SEGMENT
AMER 2.0 2.0 1.5 1.9 1.7 7.1
APAC 0.3 0.8 0.5 0.4 0.5 2.2
EROW 1.3 1.6 1.9 1.9 2.2 7.5
SSH Group total 3.6 4.4 3.9 4.1 4.4 16.8
BY PRODUCT*
Enterprise Security 2.0 3.2 2.5 2.2 2.5 10.4
Products
OEM Products 1.6 1.2 1.4 1.9 1.9 6.4
SSH Group total 3.6 4.4 3.9 4.1 4.4 16.8
* Due to changes in the product portfolio, the figures for 2002 are
not completely comparable with those for 2003.
SSHs sales performed well at the beginning of 2003, with a year-on-
year greater number of new agreements concluded with end-user
companies. A major IPSec Toolkit deal with an international
hardware and software manufacturer also took place at the beginning
of the year. In addition to this the number of active sales
projects developed favourably considering the whole year.
After the promising start, however, the Groups sales started to
slow down towards the end of the quarter. Customer´s investments
were delayed or cut and the size of one-time purchases decreased.
Companies deliberated longer about large-scale investments and
postponed their final decision-making until a later date. All of
the companys market areas followed the same kind of pattern.
Weaker-than-expected market developments, a strong change in EURO
exchange rates, and tougher competition in the companys main
market areas - particularly in the USA - lead to a marked fall in
SSHs net sales. First-quarter net sales fell somewhat behind the
expectations, being 18.2 percent lower than in the previous year.
Despite its weak market developments, the USA retained its position
as SSHs most important market area during the first quarter. In
all, 54.8 percent (39.7 percent) of SSHs net sales came from
Americas, 8.7 percent (10.8 percent) from Asia Pacific, and 36.5
percent (49.5 percent) from Europe and Rest of the World.
During the review period, 54.8 percent (57.3 percent) of net sales
consisted of Enterprise Security Products, and 45.2 percent (42.7
percent) of OEM Products. Hardware and software manufacturers
increased their share of net sales, as the general uncertain mood
persistent in the global economy particularly affected the end-user
companies willingness to invest.
During the first quarter, SSH concluded four customer agreements
worth over EUR 100,000. SSHs ten largest customers accounted for
35.9 percent of the companys net sales. However, none of the
customers represented over 10 percent of the net sales, i.e. the
company does not depend on a single customer.
In March 2003, SSH announced that it would strengthen its sales
network by opening a sales office in Varberg, Sweden. Through this
new office, SSH aims at providing improved services for its present
and new customers in the public sector and, in particular,
corporate customers in the financial sector in Sweden, Norway and
Denmark.
In addition to its head office in Helsinki, SSH now has sales
offices in Varberg, Sweden; Dusseldorf, Germany; Birmingham, UK;
Soul, South Korea; Tokyo, Japan; and in Palo Alto, Boston, Chicago,
New York, Washington D.C., and Atlanta, USA. The company believes
that there will be no need to open other new sales offices in the
near future.
In addition to the sales and marketing operations of its own
offices, SSH cooperated actively with its wide technology partner
network and channel partners. In the first quarter of 2003,
stretching, in addition to North America and Europe, for example to
Japan, Israel, Australia and South Africa. Through its partners,
SSH provides its customers with local sales and support services
globally.
PRODUCTS AND MARKETING
According to the companys strategy, SSH focused its marketing and
sales efforts during the first quarter of 2003 on serving large
companies, financial institutions and public-sector organizations,
as well as selected hardware and software manufacturers. The
company also invested in the further development of its existing
products in order to more effectively meet the needs of its main
customer groups.
During the first quarter, SSH launched a new version of the SSH
Secure Shell Toolkit product, targeted at hardware and software
manufacturers. The new product version particularly emphasized the
easy use of remote management and the quick installation of the
product as part of routers, modems and other network equipment. The
company also launched the SSH Certificate/TLS Toolkit product
targeted at hardware and software manufacturers, enabling the
manufacturers of various routers, firewalls and other network
equipment to easily improve the security and management of their
products.
SSH succeeded well in international product reviews. During the
first quarter of 2003, SSH received the "NSS Approved"
certification awarded by the independent international testing
organization for its SSH Certifier(TM) product. In the evaluation,
the products ease of use, flexibility and suitability to large
installations were especially applauded. During the review period,
the SSH Secure Shell product in turn won the renowned data security
award by the Information Security magazine.
To support its sales efforts, SSH focused on sharpening its
marketing processes, and intensified marketing cooperation with its
partners. This was evidenced by a number of joint marketing events
and sales campaigns that improved SSHs visibility among its main
target groups. An example which also demonstrated SSH's close
cooperation in the industry was a data security workshop organized
by SSH, F-Secure Corporation, and Stonesoft Corporation in February
2003, attended by approximately 750 industry decision-makers and
experts. The partners for the workshop also included Fujitsu Invia
Ltd., Fujitsu Siemens Computers GmbH, Microsoft Ltd., Nixu Ltd., Oy
Heltel Ab, SAS Institute Ltd., Sonera Corporation, Sun Microsystems
Ltd. and TietoEnator Corporation.
RESEARCH AND DEVELOPMENT
SSHs R&D expenses in January - March accounted for 46.0 percent of
consolidated net sales (47.6 percent). During the first quarter of
2003, the company did not capitalize its product development
expenses, even though SSH has adopted an accounting principle
complying with the IAS standard for its R&D expenditure since the
beginning of 2003. According to IAS SSH will capitalize development
expenses caused by the commercialization of new products at the end
of R&D processes. The higher R&D expenses in the first quarter
resulted from the non-recurring expenses caused by the closing of
the Kuopio office. At the end of March, the company held 4 patents
while 39 were pending.
According to the re-focused strategy, the companys long-term goal
is to have its R&D expenses at a level of approximately 30-35
percent of net sales.
HUMAN RESOURCES
At the end of the review period, the Group had 140 employees on its
payroll. The number of employees decreased by 47 over the previous
year (-25.1 percent). At the end of the period, 43.6 percent of the
personnel worked in R&D, 42.1 percent in sales and marketing, and
14.3 percent in administration.
The joint discussions concerning SSHs Kuopio office were completed
at the end of February. As a result, the number of employees
decreased by 11. As a result of the reorganization, the Kuopio
office was discontinued and the development of the SSH Sentinel(TM)
product continued in Helsinki.
SHARES AND SHAREHOLDING
The reported trading volume of SSH Communications Security Corps
shares totaled 1,306,459 (valued at EUR 966,769.68), i.e. 4.71
percent of the shares changed hands. The highest quotation of the
period was EUR 0.93, and the lowest EUR 0.61. The period saw 4 days
when the companys share was not traded. The trade weighted average
price for the period amounted to EUR 0.74, and the companys share
closed at EUR 0.69 (March 31, 2003).
There were no substantial changes in SSH Communications Security
Corps shareholding during the period. Applied Computing Research
(ACR) Oy still holds 61.2 percent of the companys shares.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
SSHs Annual General Meeting of April 11, 2002 authorized the Board
of Directors to decide on increasing the companys share capital by
April 11, 2003 with a new subscription and/or stock options, or
taking out options or convertible bonds so that, as a result of the
authorization, the share capital increases to a maximum of EUR
120,000.
The AGM approved SSHs new stock option schemes. On the basis of
stock option scheme I/2002, employees may be offered a maximum of
two million stock options. Each stock option entitles the holder to
subscribe to one SSH Communications Security Oyj share, at a
nominal value of three cents. Depending on the type of warrant, the
subscription will take place in several tranches, on May 1, 2003,
May 1, 2004, May 1, 2005, and May 1, 2006, and end for all stock
options on May 1, 2008. The subscription price was the closing
price for SSH shares, as quoted in continuous trading on the
Helsinki Exchanges on March 19, 2002 (EUR 2.67), plus 30 per cent
and rounded upwards to the nearest ten cents. As a result of these
subscriptions, the companys share capital may increase by a
maximum of EUR 60,000.
On the basis of stock option scheme II/2002, a maximum of 94,000
stock options may be offered to SSH employees in the USA. Each
stock option entitles the holder to subscribe to one SSH
Communications Security Oyj share at a nominal value of three
cents. Depending on the type of warrant, the subscription will take
place in several tranches on May 6, 2002, May 6, 2003, May 6, 2004,
and May 6, 2005, and end for all stock options on April 11, 2012.
The subscription price was be the closing price of SSH shares as
quoted in continuous trading on the Helsinki Exchanges on May 6,
2002 (EUR 2.00) and, as a result of the subscriptions, the
companys share capital may increase by a maximum of EUR 2,820.
The Board of Directors of SSH Communications Security Oyj has
decided to offer stock options, as distinct from the shareholders
pre-emption right, to the management and employees of the companys
US subsidiary SSH Communications Security, Inc as part of the
Groups incentive scheme (stock option scheme III/2002). A maximum
of 114,498 stock options will be offered, entitling the holder to
subscribe for a maximum of 114,498 new shares, at a nominal value
of three cents. According to the terms of the stock options, the
subscription price will be the closing price of the companys share
as quoted in continuous trading on the Helsinki Exchanges on 10
July 2002 (EUR 1.90). As a result of the subscriptions, the
companys share capital may increase by a maximum of EUR 3,434.94.
At the end of the review period, on March 31, 2003, SSHs share
capital came to EUR 831,793.05, totaling 27,726,435 shares with a
nominal value of EUR 0.03.
SSH has announced with a Stock Exchange Release the proposal of the
Board of Directors to the Annual General Meeting concerning the new
Board authorization and issuing of stock options. This matter will
be handled in the Annual General Meeting on April 29, 2003.
EVENS AFTER THE REPORT PERIOD
SSH signed in April a Letter of Intent with a well-known Japanese
hardware manufacturer concerning the licensing of the company's VPN
hardware technology. This manufacturer will continue the product
development and sales of the VPN product.
PROSPECTS
In light of current developments, it is estimated that the SSH
Corporations net sales for 2003 will come to around EUR 18
million, reflecting a growth in sales of just over 5 per cent on
those of 2002. The management estimates that this growth will
chiefly be generated by well-targeted sales of the SSH Secure Shell
product for large companies and government agencies, as well as
developing broad new application areas. Sales of the IPSec and
Secure Shell Toolkit product families, licensed for component and
software manufacturers, are expected to equal the previous years.
Growth in sales will also be bolstered by the SSH Certifier and SSH
Sentinel products.
At the same time the companys management expects the markets to
remain subdued, with end-user companies exercising caution in
making investments. Hardware and software manufacturers have also
failed to increase their investment activity, awaiting an
improvement in the general economic situation before initiating R&D
projects. However, in anticipation of a revival in the markets and,
correspondingly, in customer companies willingness to invest, the
company retains a sound basis for increasing its net sales.
The operating profit forecast for the first half of 2003 will be
negative. If the estimated net sales are achieved, the company will
have the prerequisites for making a profit in the second half. The
cessation of the payment of agreement-based royalty fees at the end
of Q3, which have been entered as acquisition and manufacturing
costs since 2000, thereby constituting a burden on SSHs profit,
will also contribute strongly to this improvement in the bottom
line in 2003.
PROFIT AND LOSS ACCOUNT
MEUR 1-3/ 1-3/ 1-12/
2003 2002 2002
Net sales 3.6 4.4 16.8
Purchasing and production -0.7 -0.7 -4.6
costs
Gross profit 2.9 3.7 12.2
Cost
R&D -1,6 -2.1 -8.2
Sales and marketing -2.5 -3.2 -14.7
Administration -0.8 -1.4 -4.3
Other operating income +0.2 +0.2 +0.9
Operating profit -1,9 -2.8 -14.7
Financial income and -0.2 0.4 0.5
expenses
Result before -2.1 -2.4 -13.6
extraordinary items and
taxes
Result before taxes -2.1 -2.4 -13.6
Taxes* 0.0 0.0 0.0
Net result for the period -2.1 -2.4 -13.6
* Taxes are proportionate to the net profit for the period, and no
computational tax claims are registered for the accrued loss.
1-3/ 1-3/ 1-12/
2003 2002 2002
Earnings per share, EUR -0.08 -0.09 -0.49
Earnings per share -0.08 -0.09 -0.49
(diluted), EUR
BALANCE SHEET
MEUR March 31, March 31, December 31,
2003 2002 2002
ASSETS
Fixed and other non-
current assets
Intangible assets 0.6 1.7 1.0
Tangible assets 1.0 0.9 0.5
Inventories and current
assets
Inventories 0.8 1.5 0.8
Short-term receivables 4.6 7.3 5.0
Financing bonds
Cash and cash 30.8 41.7 34.7
equivalents
Total assets 37.8 53.1 42.0
LIABILITIES AND
SHAREHOLDERS EQUITY
Shareholders equity 34.0 47.5 36.2
Compulsory reservation 1.5
Liabilities 3.8 5.6 4.3
Total liabilities and 37.8 53.1 42.0
shareholders equity
SOURCES AND USES OF FUNDS STATEMENT
MEUR 1-3/ 1-12/
2003 2002
Cash flow from business operations -3.8 -9.5
Cash flow from investments -0.1 -0.4
Cash flow from financing 0.0 0.0
Change/addition(+), extraction (-) -4.0 -9.9
of funds
Funds at the beginning of the 34.7 44.6
fiscal year
Funds at the end of the fiscal 30.8 34.7
year*
* funds include money and cash in bank, and financing bonds.
STATEMENT ON
CHANGES IN
SHAREHOLDERS
EQUITY
MEUR Share Share Retained Net Subord Total
capital premium profit/ result inated
fund loss for loan
the
period
Shareholders 0.8 54.6 -5.5 0 0.2 50.1
equity January
1, 2002
Shareholders 0.8 54.6 -5.7 -2.5 0.2 47.4
equity March
31, 2002
Shareholders 0.8 54.6 -5.9 -13.6 0.2 36.2
equity December
31, 2002
Shareholders 0.8 54.6 -19.5 -2.1 0.2 34.0
equity March
31, 2003
NET SALES PER SEGMENT
MEUR 1-3/ 1-3/ 1-12/
2003 2002 2002
AMER 2.0 1.7 7.1
APAC 0.3 0.5 2.2
EROW 1.3 2.2 7.5
SSH Group 3.6 4.4 16.8
EBIT PER SEGMENT
MEUR 1-3/ 1-3/ 1-12/
2003 2002 2002
AMER -0.1 -1.6 -6.6
APAC -0.2 -0.4 -0.9
EROW 0.5 1.9 2.8
Common Group Expenses* -2.2 -2.7 -9.4
SSH Group -1.9 -2.8 -14.1
* Common Group Expenses include Group's administration expenses
(e.g. Management, Finance) and headquarter's Product Management and
R&D expenses.
FINANCIAL INDICATORS
1-3/ 1-3/ 1-12/
2003 2002 2002
Net sales, MEUR 3.6 4.4 16.8
Operating loss, MEUR -1.9 -2.8 -14.1
Operating loss, % of net sales -54.7 -64.4 -83.7
Result before extraordinary -2.1 -2.4 -13.6
items and taxes, MEUR
Result before extraordinary -59.7 -56.2 -81.0
items, and taxes, % of net sales
Result before taxes, MEUR -2.1 -2.4 -13.6
Result before taxes, -59.7 -56.2 -81.0
% of net sales
Return on investment, % -30.6
Return on equity, % -31.7
Interest-bearing net -30.6 -41.5 -34.5
liabilities, MEUR
Equity ratio, % 92.9 92.2 88.7
Net gearing, % -90.6 -87.8 -95.8
Gross capital expenditure, MEUR 0.2 0.1 0.4
% of net sales 4.5 2.5 2.6
Investments, MEUR 0.2 0.1 0.4
% of net sales 4.5 2.5 2.6
R&D costs, MEUR 1.6 2.1 8.2
% of net sales 46.0 47.6 49.0
Personnel, on average 144 184 166
Personnel, period-end 140 187 147
PER-SHARE DATA
1-3/ 1-3/ 1-12/
2003 2002 2002
Earnings per share -0.08 -0.09 -0.49
EUR (undiluted)
Earnings per share, EUR -0.08 -0.09 -0.49
(diluted)
Shareholders equity/share, EUR 1.22 1.70 1.30
Volume of shares, period-end, 22,726 27,691 27,702
1000
Share performance, in EUR
Average price 0.74 3.00 1.66
Lowest 0.61 2.46 0.60
Highest 0.93 3.65 3.70
Share price, period-end 0.69 2.46 0.75
Market capitalization, period- 19.1 68.1 20.8
end, MEUR
Value of shares traded, million 1.3 1.1 4.3
Value of shares traded, % of 1.0 4.2 15.5
total
Value of shares traded, MEUR 4.71 3.6 7.1
Price-earnings ratio (P/E) -1.6
CONTINGENT LIABILITIES
MEUR March 31, March 31, December
2003 2002 31,
2002
Assets pledged
Rental liabilities 0.8 1.2 0.8
Leasing liabilities 0.3 0.2 0.3
The social overhead expense on option rights exercisable in the
future would be 10,106 EUR calculated on the closing price of the
companys share at EUR 0.69.
The figures are not audited.
SHAREHOLDERS
The companys 10 largest shareholders excluding nominee-registered
shareholders were on March 31, 2003:
Applied Computing Research (ACR) Oy 61.2%
Ylönen Tatu 2.8%
Nixu Oy 1.9%
Mutual Pension Insurance Company Ilmarinen 1.7%
Promotion Capital I Ky 1.7%
Kaukonen Kalle 1.3%
Grahn Juha 1.3%
Mutual Pension Insurance Company Varma-Sampo 1.0%
Markula Jussi 0.9%
Mutual Pension Insurance Company Kaleva 0.8%
Total 74.8%
FINANCIAL REPORTING
A briefing on this interim report for analysts and the media will
be presented at the auditorium on the 1st floor of the SSH head
office at Fredrikinkatu 42, Helsinki, today, Wednesday, April 23,
2003 at 11:00 a.m. Entrance from the corner of Fredrikinkatu and
Malminkatu.
SSH Communications Security Oyjs next interim report for January 1
- June 30, 2003 will be published on July 30, 2003. Further
information is available closer to the data on the companys
website.
Helsinki, April 23, 2003
SSH COMMUNICATIONS SECURITY CORP
Board of Directors
Arto Vainio
CEO
CEO
Arto Vainio
Tel: +358 20 500 7400
Investor Relations/CFO
Mika Peuranen
Tel: +358 20 500 7419
E-mail: 
© 2003 SSH Communications Security Corp. All rights reserved. ssh® is a registered trademark of SSH Communications Security Corp in the United States and in certain other jurisdictions. All other names and marks are property of their respective owners.