next generation security - corero network...global sales team and our ‘next generation’ product....

Next

Generation

SecurityInterim Results for the six month period ended 30 June 2013

Interim results for the six month period ended 30 June 2013

Corero Network Security is an international network security company and the leading provider of Distributed Denial of Service (DDoS) and cyber-attack defence solutions. As the First Line of Defense, Corero’s products and services stop DDoS attacks, protect IT infrastructure and eliminate downtime. Customers include enterprises, service providers and government organisations worldwide. Corero’s appliance-based solutions are dynamic and automatically respond to evolving cyber attacks, known and unknown, allowing existing IT infrastructure – such as firewalls – to perform their intended purposes. Corero’s products are transparent, highly scalable and feature the lowest latency and highest reliability in the industry.

Contents01 Highlights

02 Interim Review02 Interim results for the six month period ended 30 June 2013

04 Financial Statements 04 Consolidated Interim Statement of Comprehensive Income05 Consolidated Interim Statement of Financial Position 06 Consolidated Interim Statement of Cash Flows07 Consolidated Interim Statement of Changes in Equity08 Notes to the Interim Financial Statements

12 Corporate Directory

Corero Network Security plc, the AIM listed US-based network security company, announces its half yearly report for the six month period ended 30 June 2013.

The Corero Network Security division has made solid progress in the first half of 2013 developing the global sales team and our ‘next generation’ product. We remain excited about the market opportunity for protection against DDoS and cyber attacks and believe we have a strong product offering today which we expect will deliver revenue growth in the second half of 2013, with a growing pipeline of opportunities, and beyond. The development of our ‘next generation’ product has progressed according to plan and we see a significant opportunity to increase the addressable market for the business in 2014 with the goal to further accelerate revenue growth.

Ashley Stephenson CEO of Corero

Corero Network Security plc

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Interim results for the six month period ended 30 June 2013 01

Group Financial highlights

• Revenues of $9.5 million (H1 2012: revenue $10.8 million)

• Operating loss* $1.5 million (H1 2012: loss $1.5 million)

• Adjusted loss before tax** $1.7 million (H1 2012: $1.7 million)

• Loss per share 4.8 cents (H1 2012: 4.9 cents)

• Cash of $5.3 million at 30 June 2013 (30 June 2012: $9.2 million)

* before depreciation, amortisation and financing costs

** before depreciation and amortisation

Post Balance Sheet Event:

• Completed sale of Corero Business Systems Limited on 1 August 2013

– Net consideration* to the Company $16.5 million

– Profit on sale of approximately $15.0 million

• Gross cash on a pro-forma basis** at 30 June 2013 $21.2 million and net cash $15.2 million

* net of debt repayment

** including the net consideration from the sale

Operating Highlights:• Corero Network Security (“CNS”) continues to

win new customers, 28 in the H1 2013 period

• New business and renewals won in core verticals of gaming (including Camelot), e-betting and e-retail (including leading price comparison web site)

• Appointment of David Ahee as Senior Vice President Global Sales

• Next generation product development ready for initial customer deployments by end of 2013

• Developed DDoS protection “as-a-Service” offering

Highlights

Interim results for the six month period ended 30 June 2013

02 Corero Network Security plc Interim results for the six month period ended 30 June 2013

Interim Review

Group summary

In the six months to 30 June 2013 the Group reported revenues of $9.5 million (H1 2012: $10.8 million) and an operating loss before depreciation, amortisation and financing costs of $1.5 million in line with the comparative period (H1 2012: loss $1.5 million). This included an unrealised exchange gain of $0.5 million (H1 2012: loss $0.1 million) arising on an intercompany loan. The reported Group loss before taxation was $3.0 million (H1 2012: loss $2.8 million) with a reported loss per share of 4.8 cents (H1 2012: 4.9 cents).

The Group had cash balances of $5.3 million at 30 June 2013 (2012: $9.2 million). The net reduction in cash from operating activities in the 6 months ended 30 June 2013 was $3.4 million (H1 2012: $2.6 million). In March 2013, the Company raised $5.9 million net of expenses in a share placing to fund organic growth.

Corero Network Security (“CNS”)

Revenues in the first half of 2013 were $4.9 million (H1 2012: $6.7 million).

CNS reported an operating loss before depreciation, amortisation and financing costs in the six months to 30 June 2013 of $2.3 million (H1 2012: loss $2.1 million).

Highlights in the first half of 2013 include:

• Appointment of David Ahee, who has extensive experience in establishing enterprise and channel sales strategies internationally, as Senior Vice President Global Sales

• Growing pipeline of opportunities going into the second half of 2013

• Next generation product development ready for initial customer deployments by end of 2013

• Developed DDoS protection “as-a-Service” offering to be launched in the second half of 2013

• “Best IT Products & Services for Finance, Banking & Insurance” by Network Product’s Guide

New customer wins included significant orders from a US energy utility, a leading telecommunications service provider in Brazil, two US regional banks, an Asian based provider of on-line games, a web hosting company, a provider of real estate and mortgage portfolio management information services, a large US city corporation.

Material orders (upgrades and support contract renewals) from existing customers included a leading industrial group, a leading price comparison web site, Camelot (the UK Lottery operator), two US university colleges, a satellite operator, a Middle East based investment services firm, a global electronics manufacturing services and a European telecommunications service provider.

Further information on the CNS ‘next generation’ product and strategy

The CNS ‘next generation’ offering is intended to add support for deployment in cloud infrastructure, virtual environments, and larger scale networks enabling access to new global markets.

An increasing number of online providers, enterprises and data centres are actively upgrading their network designs to include a traffic inspection, monitoring and control layer at their points of connectivity to the Internet. This additional layer of security protection has become increasingly important to combat the growing variety and frequency of Internet-borne cyber threats including DDoS attacks, bot-net operations, competitive abuse and server intrusion.

During 2012 and 2013, CNS has invested in the development of a ‘next generation’ First Line of Defense product which expands both the feature set and market reach of its solutions for this growing market segment. The first release of this ‘next generation’ product is expected to be deployed in customer networks at the end of 2013, with further releases to follow in the course of 2014.

Corero Business Systems (“CBS”)

Revenues in the first half of 2012 were $4.6 million (H1 2012: $4.1 million).

CBS reported an operating profit before depreciation, amortisation, and financing costs in the six months to 30 June 2013 of $1.4 million (H1 2012: profit $1.2 million).

Key achievements in the first half of 2013 include:

• 158 new academy and school customers

• Sales to 18 academy groups

Interim results for the six month period ended 30 June 2013 03Corero Network Security plc

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Sale of CBS

The Company’s interest in CBS was sold on 1 August 2013. The total aggregate cash consideration was $19.7 million, subject to the repayment of the CBS debt of $1.8 million. The Company had a legal and beneficial holding of 92% of the issued share capital of CBS, with the remainder held by management employees of CBS. The proceeds of the sale received by the Company after repayment of the CBS debt were $16.5 million.

On a pro-forma basis to illustrate the effect on the net cash position of the Group that the sale of CBS would have had if it had occurred on 30 June 2013 and including the net consideration received by the Company from the sale (after repayment of the CBS debt), the Group would have had net cash at 30 June 2013 of $15.2 million.

The aggregate valuation of CBS of $19.7 million on a debt free basis represents:

• a multiple in excess of 8.0 times the CBS earnings before development costs capitalised, depreciation, amortisation and financing for the year ended 31 December 2012; and

• in excess of 2.2 times the CBS revenues for the year ended 31 December 2012.

The sale has generated a profit on disposal, to be reported for the year ending 31 December 2013, of approximately $15.0 million.

Central costs

Central costs for the the six months to 30 June 2013 were $0.7 million (H1 2012: $0.6 million) which relate to the Group’s finance and administration functions as well as the costs associated with the Company’s listing on AIM.

Board changes

On 6 September 2013 Ashley Stephenson was appointed Chief Executive Officer and Andrew Miller was appointed Chief Financial Officer and Chief Operating Officer, having previously been Group Chief Operating Officer.

Outlook

The sale of the CBS business has resulted in the Company becoming exclusively focused in the network security market and has provided the Company with the cash resources to fund the organic development of the network security business.

The Board believes that the network security market remains highly attractive. Specifically, the DDoS prevention market is forecast by Infonetics to grow by over 25% CAGR in the period 2012 to 2017 and IDC forecast the market will be worth $870 million in 2017.

For the year ending 31 December 2013 the CNS division expects to report revenue similar to that for the year ended 31 December 2012.

The Board remains confident in the Group’s prospects.

for the six month period ended 30 June 2013

Consolidated Interim Statement of Comprehensive Income

Financial Statements


Unaudited six months ended

30 June 2013 $’000


30 June 2012 $’000

Audited year ended

31 December 2012 $’000

Revenue 9,495 10,757 20,565

Cost of sales (2,397) (2,634) (5,116)

Gross profit 7,098 8,123 15,449

Operating expenses before highlighted item (8,598) (9,618) (18,554)

– Depreciation and amortisation of intangible assets (1,264) (1,107) (2,767)

Operating expenses (9,862) (10,725) (21,321)

Operating loss (2,764) (2,602) (5,872)

Finance income 11 56 119

Finance costs (260) (246) (507)

Loss before taxation (3,013) (2,792) (6,260)

Taxation 186 186 371

Loss for the period (2,827) (2,606) (5,889)

Other comprehensive (expense)/income

Difference on translation of GBP functional currency entities (661) (5) 537

Total comprehensive expense for the period (3,488) (2,611) (5,352)

Total (loss)/profit for the period attributable to:

Equity holders of the parent (2,903) (2,660) (6,055)

Non-controlling interest 76 54 166

(2,827) (2,606) (5,889)

Total comprehensive (expense)/income for the period attributable to:

Equity holders of the parent (3,565) (2,650) (5,495)


Total (3,488) (2,611) (5,352)

30 June 2013Cents

30 June 2012Cents

31 December 2012Cents

Basic and diluted loss per share (4.8) (4.9) (9.7)

as at 30 June 2013

Consolidated Interim Statement of Financial Position


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30 June 2013$’000


30 June 2012$’000

Audited year ended

31 December 2012$’000

Assets

Non-current assets

Goodwill 18,758 18,778 18,811

Acquired intangible assets 3,174 4,225 3,739

Capitalised development expenditure 6,336 3,512 4,528

Property, plant and equipment 1,579 995 1,241

29,847 27,510 28,319

Current assets

Inventories 618 569 622

Trade and other receivables 6,554 6,338 5,565

Cash and cash equivalents 5,321 9,217 4,861

12,493 16,124 11,048

Liabilities

Current Liabilities

Trade and other payables (3,664) (3,921) (3,972)

Borrowings (6,653) (235) (182)

Deferred income (6,512) (8,466) (7,592)

(16,829) (12,622) (11,746)

Net current (liabilities)/assets (4,336) 3,502 (698)

Non-current liabilities

Borrowings (1,426) (5,840) (5,984)

Deferred income (1,400) (1,740) (1,146)

Deferred taxation (1,010) (1,382) (1,196)

(3,836) (8,962) (8,326)

Net assets 21,675 22,050 19,295

Equity

Ordinary share capital 1,333 920 925

Deferred share capital 7,051 7,051 7,051

Shares to be issued – 124 –

Share premium 43,507 37,928 38,046

Share options reserve 268 291 268

Translation reserve (451) (339) 211

Retained earnings (30,298) (24,000) (27,395)

21,410 21,975 19,106


Total equity 21,675 22,050 19,295


Consolidated Interim Statement of Cash Flows



Cash flows from operating activities


30 June 2013$’000


30 June 2012$’000

Audited year ended

31 December 2012$’000

Loss before taxation (3,013) (2,792) (6,260)

Adjustments for:

Amortisation of acquired intangible assets 596 570 1,157

Amortisation of capitalised development expenditure 278 292 1,044

Depreciation 390 245 566

Finance income (11) (56) (119)

Finance expense 260 246 507

Share-based payment charge – 32 9

Changes in working capital

Decrease/(increase) in inventories 5 (196) (233)

Increase in trade and other receivables (1,184) (899) –

Decrease in payables (770) (54) (1,802)

Net cash from operating activities (3,449) (2,612) (5,131)

Cash flows from investing activities

Purchase of intangible assets (36) (135) (237)

Capitalised development expenditure (2,195) (1,472) (3,174)

Purchase of property, plant and equipment (734) (225) (802)

Net cash used in investing activities (2,965) (1,832) (4,213)

Cash flows from financing activities

Net proceeds from issue of ordinary share capital 5,869 6,868 6,989

Term loan received 1,893 250 250

Finance income 11 56 119

Finance expense (27) (68) (64)

Repayment of term loans (379) – (121)

Capital element of finance lease repayments (13) (13) (27)

Increase/(repayment) of credit facility 158 (136) (189)

Net cash from financing activities 7,512 6,957 6,957

Effects of exchange rates on cash and cash equivalents (638) 24 568

Net increase/(decrease) in cash and cash equivalents 460 2,537 (1,819)

Cash and cash equivalents at 1 January 4,861 6,680 6,680

Cash and cash equivalents at balance sheet dates 5,321 9,217 4,861


Consolidated Interim Statement of Changes in Equity


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Share capital $’000

Shares to be issued

$’000

Share premium account

$’000

Share options reserve

$’000

Translationreserve

$’000

Retainedearnings

$’000

Total attributable

to equity holders of the parent

$’000

Non-controlling

interest$’000

Total

equity$’000

1 January 2012 7,803 124 31,228 259 (349) (21,340) 17,725 36 17,761

Loss for the period – – – – – (2,660) (2,660) 54 (2,606)

Other comprehensive income – – – – 10 – 10 (15) (5)

Total comprehensive expense for the period – – – – 10 (2,660) (2,650) 39 (2,611)

Contributions by and distributions to owners

Share-based payments – – – 32 – – 32 – 32

Issue of share capital 168 – 6,700 – – – 6,868 – 6,868

Total contributions by and distributions to owners

168 – 6,700 32 – – 6,900 – 6,900

30 June 2012 7,971 124 37,928 291 (339) (24,000) 21,975 75 22,050


Other comprehensive income – – – – 550 – 550 (8) 542

Total comprehensive expense for the period – – – – 550 (3,395) (2,845) 104 (2,741)


Share-based payments – – – (23) – – (23) – (23)

Issue of share capital 5 (124) 118 – – – (1) – (1)

Dilution of ownership of subsidiary – – – – – – – 10 10

Total contributions by and distributions to owners 5 (124) 118 (23) – – (24) 10 (14)

31 December 2012 7,976 – 38,046 268 211 (27,395) 19,106 189 19,295


Other comprehensive income – – – – (662) – (662) 1 (661)

Total comprehensive expense for the period – – – – (662) (2,903) (3,565) 77 (3,488)


Issue of share capital 408 – 5,461 – – – 5,869 – 5,869

Total contributions by and distributions to owners 408 – 5,461 – – – 5,869 – 5,869

30 June 2013 8,384 – 43,507 268 (451) (30,298) 21,410 265 21,675



1. General information and basis of preparation

Corero Network Security plc (the “Company”) is a company domiciled in England. The condensed consolidated interim financial statements of the Company for the six months ended 30 June 2013 comprise the Company and its subsidiaries (together referred to as the “Group”).

These condensed consolidated financial statements have been prepared in accordance with IAS 34, “Interim Financial Reporting”, as adopted by the European Union. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2012 Annual Report. The financial information for the half years ended 30 June 2013 and 30 June 2012 does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006 and is unaudited.

The annual financial statements of Corero Network Security plc are prepared in accordance with IFRSs as adopted by the European Union. The comparative financial information for the year ended 31 December 2012 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2012 have been filed with the Registrar of Companies. The Independent Auditors’ Report on that Annual Report and Financial Statement for 2012 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

The consolidated financial statements have been prepared on a going concern basis as the Directors believe that the current sales prospects combined with existing working capital resources and proceeds from the sale of CBS should ensure that the Group has adequate working capital to service its existing business for the foreseeable future. The directors have made this assessment based on internal forecasts and cash flow projections.

These consolidated interim financial statements were approved by the Board on 16 September 2013 and approved for issue on 17 September 2013.

Notes to the Interim Financial Statements


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2. Segment reporting

Business segments

The Group is managed according to two business units which make up the Group’s two reportable operating segments: Corero Network Security and Corero Business Systems. These divisions are the basis on which the Group reports its primary segment information to the Board, which management consider to be the Chief Operating Decision maker for the purposes of IFRS 8 Operating Segments. The principal activity of Corero Network Security is the design, development and delivery of network security products. The principal activity of Corero Business Systems is the design, development and delivery of finance and management information software to the school, further education and commercial sectors.

Corero Network Security Corero Business Systems Central Costs Total

6m

30 Jun 2013

$’000

6m

30 Jun 2012

$’000

12m

31 Dec 2012

$’000

6m

30 Jun 2013

$’000

6m

30 Jun 2012

$’000

12m

31 Dec 2012

$’000

6m

30 Jun 2013

$’000

6m

30 Jun 2012

$’000

12m

31 Dec 2012

$’000

6m

30 Jun 2013

$’000

6m

30 Jun 2012

$’000

12m

31 Dec 2012

$’000

Revenue to external customers

Product and licence 1,830 3,109 4,437 1,694 1,343 3,207 – – – 3,524 4,452 7,644

Professional services 149 82 215 1,180 1,132 2,545 – – – 1,329 1,214 2,760

Support 2,890 3,467 6,726 1,752 1,624 3,435 – – – 4,642 5,091 10,161

Total 4,869 6,658 11,378 4,626 4,099 9,187 – – – 9,495 10,757 20,565

Cost of sales (1,509) (1,667) (3,171) (888) (967) (1,945) – – – (2,397) (2,634) (5,116)

Gross profit 3,360 4,991 8,207 3,738 3,132 7,242 – – – 7,098 8,123 15,449

Operating expenses before depreciation and amortisation costs (5,617) (7,071) (13,190) (2,315) (1,950) (4,125) (666) (597) (1,239) (8,598) (9,618) (18,554)

Depreciation and amortisation of intangible assets (1,070) (934) (2,399) (194) (173) (368) – – – (1,264) (1,107) (2,767)

Operating expenses (6,687) (8,005) (15,589) (2,509) (2,123) (4,493) (666) (597) (1,239) (9,862) (10,725) (21,321)

Operating (loss)/profit (3,327) (3,014) (7,382) 1,229 1,009 2,749 (666) (597) (1,239) (2,764) (2,602) (5,872)

Finance income – – – 3 1 3 8 55 116 11 56 119

Finance costs (245) (246) (507) (15) – – – – – (260) (246) (507)

(Loss)/profit before taxation (3,572) (3,260) (7,889) 1,217 1,010 2,752 (658) (542) (1,123) (3,013) (2,792) (6,260)



2. Segment reporting continued

Corero Network Security Corero Business Systems Central Costs Total

30 Jun 2013

$’000

30 Jun 2012

$’000

31 Dec 2012

$’000

30 Jun 2013

$’000

30 Jun 2012

$’000

31 Dec 2012

$’000

30 Jun 2013

$’000

30 Jun 2012

$’000

31 Dec 2012

$’000

30 Jun 2013

$’000

30 Jun 2012

$’000

31 Dec 2012

$’000

Non-current assets

Goodwill 17,983 17,983 17,983 775 795 828 – – – 18,758 18,778 18,811

Acquired intangible assets 3,174 4,218 3,734 – 7 5 – – – 3,174 4,225 3,739

Capitalised development expenditure 4,384 1,858 2,662 1,952 1,654 1,866 – – – 6,336 3,512 4,528

Property, plant & equipment 1,354 874 1,095 225 121 146 – – – 1,579 995 1,241

26,895 24,933 25,474 2,952 2,577 2,845 – – – 29,847 27,510 28,319

Current assets

Inventories 618 569 622 – – – – – – 618 569 622

Trade and other receivables 2,026 3,149 2,354 4,405 3,020 3,083 123 169 128 6,554 6,338 5,565

Cash and cash equivalents 525 846 689 445 486 1,107 4,351 7,885 3,065 5,321 9,217 4,861

3,169 4,564 3,665 4,850 3,506 4,190 4,474 8,054 3,193 12,493 16,124 11,048

Current liabilities

Trade, other payables and provisions (1,669) (2,184) (1,853) (1,765) (1,583) (1,787) (230) (154) (332) (3,664) (3,921) (3,972)

Borrowings (6,178) (235) (182) (475) – – – – – (6,653) (235) (182)

Deferred income (3,043) (4,753) (4,057) (3,469) (3,713) (3,535) – – – (6,512) (8,466) (7,592)

(10,890) (7,172) (6,092) (5,709) (5,296) (5,322) (230) (154) (332) (16,829) (12,622) (11,746)

Net current (liabilities)/assets (7,721) (2,608) (2,427) (859) (1,790) (1,132) 4,244 7,900 2,861 (4,336) 3,502 (698)

Non-current liabilities

Borrowings – (5,840) (5,984) (1,426) – – – – – (1,426) (5,840) (5,984)

Deferred income (1,400) (1,740) (1,146) – – – – – – (1,400) (1,740) (1,146)

Deferred taxation (1,010) (1,382) (1,196) – – – – – – (1,010) (1,382) (1,196)

(2,410) (8,962) (8,326) (1,426) – – – – – (3,836) (8,962) (8,326)

Net assets 16,764 13,363 14,721 667 787 1,713 4,244 7,900 2,861 21,675 22,050 19,295

Notes to the Interim Financial Statements continued


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3. Loss per share

Loss per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period.

At the reporting dates there were no potentially dilutive ordinary shares. Therefore the diluted loss per share is equal to the loss per share.

30 June 2013Loss

$'000

30 June 2013 Weighted averagenumber of shares

Thousand

30 June 2013 Loss per share

Cents

30 June 2012 Loss

$'000

30 June 2012Weighted averagenumber of shares

Thousand

30 June 2012Loss per share

Cents

Basic and diluted loss per share (3,565) 73,769 (4.83) (2,650) 54,363 (4.87)

31 Dec 2012Loss

$’000

31 Dec 2012Weighted averagenumber of shares

Thousand

31 Dec 2012Loss per share

Cents

Basic and diluted loss per share (5,495) 56,426 (9.74)

4. Post balance sheet event

The Company’s interest in Corero Business Systems Limited (“CBS”) was sold on 1 August 2013. The total aggregate cash consideration was $19.7 million, subject to the repayment of the CBS debt of $1.8 million. The Company had a legal and beneficial holding of 92% of the issued share capital of CBS, with the remainder held by management employees of CBS. The proceeds of the sale received by the Company after repayment of the CBS debt was $16.5 million (£10.9 million). The sale has generated a profit on disposal, to be reported for the year ending 31 December 2013, of approximately $15.0 million.


Corporate Directory

Directors

Jens Montanana (Non- executive Chairman)Ashley Stephenson (CEO)Andrew Miller (CFO and COO)Richard Last (Non- executive Director)Andrew Lloyd (Non- executive Director)

Secretary and Registered Office

Duncan Swallow HighbridgeOxford RoadUxbridgeMiddlesexUB8 1HR

Nominated Adviser and Broker

FinnCap 60 New Broad Street London EC2M 1JJ

Auditor

BDO LLP Clarendon House Clarendon Road Cambridge CB2 8FH

Solicitors

Dorsey and Whitney LLP 21 Wilson Street London EC2M 2TD

Bankers

Silicon Valley Bank 3003 Tasman Drive Santa Clara California 95054 USA

Santander 2 The Forbury Reading RG1 3EU

Registrars

Capita Registrars Limited Northern House Woodsome Park Fenay Bridge Huddersfield HD8 OLA

Website address

www.coreroplc.com

Corporate Directory

Corero Network Security plc Interim results for the six month period ended 30 June 2013 13

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HighbridgeOxford RoadUxbridgeMiddlesexUB8 1HR

T +44 (0)1895 876579

www.coreroplc.com

Corero Network Security, Inc

1 Cabot RoadHudsonMA 01749

www.corero.com

next generation security - corero network...global sales team and our ‘next generation’ product....

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