2013-10-25 08:00:00 CEST
2013-10-25 08:00:03 CEST
REGULATED INFORMATION
F-Secure Oyj - Interim report (Q1 and Q3)
F-SECURE CORPORATION - INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2013
FINANCIALS AS ANTICIPATED, NEW INNOVATIVE PRODUCTS LAUNCHED
F-Secure Corporation interim report 25.10.2013 09.00 (EEST)
Highlights in Q3
-- Total revenues were 38.3 million (39.1m)
-- EBIT was 8.4 million representing 22% of revenues (8.6m, 22% of revenues)
-- Earnings per share was EUR 0.03 (EUR 0.04)
-- Cash flow from operations was 6 million positive (3.5m); change in cash 5.2
million positive (1.7m positive)
-- New innovative products; pre-launch of younited, new Internet Security
Outlook for 2013 - management's estimation for the year is unchanged since Q2:
-- Revenue is estimated to be at the level of 2012
-- Profitability is estimated to be over 15% of revenues
The guidance given at the beginning of the year was the following: revenue
growth of over 5% compared to 2012 and profitability of over 15% of revenues.
(This report is unaudited. Unless otherwise stated the comparisons refer to the
corresponding period a year ago. The currency is euro. The Content Cloud
business is included in the Operator channel figures.)
Key figures 2013 2012 2013 2012 2012
---------------------------------------------------------
(Eur Million) 7-9 7-9 1-9 1-9 12m
---------------------------------------------------------
Revenues 38.3 39.1 115.1 117.0 157.2
---------------------------------------------------------
Operating profit 8.4 8.6 18.3 19.8 20.3
---------------------------------------------------------
% of revenues 22 22 16 17 13
---------------------------------------------------------
Profit before taxes 7,8 8.5 17,7 19.4 19.9
---------------------------------------------------------
Earnings per share (Eur) 0.03 0.04 0.08 0.09 0.09
---------------------------------------------------------
At the end of period: 36.2 36.3 36.2 36.3 37.7
Deferred revenues
---------------------------------------------------------
Equity ratio, % 77 76 77 76 73
---------------------------------------------------------
Debt-to-equity ratio, % -58 -41 -58 -41 -51
---------------------------------------------------------
Personnel 973 972 973 972 931
---------------------------------------------------------
President and CEO Christian Fredrikson:
“Financially, our Q3 performance was as anticipated. Obviously, we are not
satisfied with the lack of revenue growth. However, we continued our
geographical expansion in Latin America. We also won several new operator
contracts in Europe with our content cloud product and converged offering Safe
Avenue. Subscriber growth continued at a good rate throughout the quarter.
Q3 has been an exciting time, with product releases, new partnerships and
laying the groundwork for much more to come. For example, Safe Avenue is
gaining momentum with operators. We are providing this multi-device protection
also directly to consumers via our web stores. In September, our new Internet
Security product hit the stores. It includes several important security and
user experience enhancements that have been well received by consumers and
testers. At the end of September the pre-launch of younited, our content cloud
product for consumers and small businesses, gained interest internationally. We
have invested in usability, security and privacy to build one of the most
advanced and safest personal cloud services in the world. Younited will be made
available for the first users in November.
In Q4 we will see more product launches. We will release a broad selection of
simple-to-use and engaging apps and cloud services for consumers and small
businesses. We are moving rapidly into the cloud to secure businesses and
people in the post-PC era. I believe that we are on the right track for
sustained growth.”
F-Secure business January - September 2013
Total revenues for the first nine months of 2013 decreased by 2% at 115.1
million (117.0m). Revenues through the operator channel were practically flat
compared to the previous year at 70.5 million (70.7m). Revenues through the
other channels decreased by 4% totaling 44.6 million (46.3m). The growth rate
was negatively impacted by the communicated contractual changes and slower
sales of traditional PC security in some countries.
EBIT was 18.3 million (19.8m), representing 16% (17%) of revenues. Earnings per
share were EUR 0.08 (EUR 0.09). Cash flow from operations was 19.1 million
positive (17.8m positive). The change of net cash was 6.2 million positive (1.2
m negative) including paid dividend of 9.3 million (9.3m). Deferred revenues
were 36.2 million at the end of June (36.3m).
Total fixed costs were 93.6 million (93m), slightly higher than in the previous
year. Depreciations (R&D activations, software, hardware) increased to 6.7
million (5.8m). The capitalized development expenses decreased to 0.3 million
(4.2m). The Company continued its sales and marketing investments, especially
in the geographical expansion in Latin America. Total R&D costs decreased as a
result of the closing of French R&D unit at the end of 2012.
At the end of September, the geographical breakdown of revenues was as follows:
Finland and Scandinavia 30 % (31%), Rest of Europe 45% (45%), North America 12%
(10%) and Rest of the World 13% (14%).
Operator channel in Q3
In Q3, the Company's content cloud business continued its good progress.Overall interest in this business remained high and the Company continued to
win new operators. The Company signed two new contracts and expects several
operator partners to launch the service during Q4. The subscriber growth of
AT&T and BT continued strongly during the quarter.
Traditional PC security sales continued to be slower in some countries in Q3.
However, the mobile security business and converged mobile and PC security,
Safe Avenue, continued to grow very well. The Company signed several operator
contracts, e.g. Ono (Spain), Virgin Media (UK), Toya (Poland) and Tiscali
(Italy). The Company also signed SMB offerings with Swisscom and InterNL
(subsidiary of Tele2 in the Netherlands). The Latin America expansion continued
with the Telefonica Movistar Costa Rica launch.
In the third quarter of 2013, sales through operator business partners totaled
23.6 million (23.7m), representing 62% of F-Secure's total revenues (60%).
Revenue remained practically at the same level as in corresponding quarter in
2012 and decreased by 1% from the previous quarter. The growth of subscribers
continued at a good level.
Corporate and Direct to Consumer channels in Q3
Sales in traditional channels continued as anticipated. Traditional license
sales were weak but our Security as a Service for Business offering continued
its good growth. Customer satisfaction in security services remained high. This
is visible in solid deferred revenues; at the end of the quarter 36.2 million
(36.3m).
During the quarter, revenues in corporate and direct to consumer channels
decreased by 4% reaching 14.7 million (15.4 m). These channels represented 38%
of F-Secure's total revenues (40%).
Product announcements in Q3
F-Secure develops and sells security and content cloud products that support
personal computers, servers and an increasing set of major smartphone, tablet
and other mobile device operating systems. Services include a wide range of
security products like anti-virus, anti-theft, browsing protection, parental
control and privacy protection for Facebook as well as content cloud products
like online backup, synchronization and sharing.
During the quarter the key product announcements were as follows:
In late September, the Company pre-launched younited for consumers and gained
high interest among both users and the media with the new solution. With
younited, users always have access to their music, pictures, videos and other
stuff on their mobile phone, computer, or tablet. It syncs and backs up their
files in one safe place. Users can view, share and organize all their content,
from any device, and enjoy an easy-to-use interface. Younited will be launched
later this year for SMB customers (more information http://www.younited.com/).
In September, F-Secure launched seven new or improved products to the market -
the new Internet Security, Anti-Virus, Mobile Security, Tablet Security,
Anti-Virus for Mac and a pilot of F-Secure Safe in the UK and US markets. The
flagship PC product, F-Secure Internet Security, gives consumers comprehensive
protection for their computers and online identity while browsing the web. With
a renewed focus on making daily online activities safer and protecting users'
privacy from the prying eyes of online spies, F-Secure's new consumer products
are designed with up-to-the-minute features to protect the content on users'
computer and to safeguard them while surfing the web, banking and shopping.
In August, when the school year began in Finland, the Company launched F-Secure
Lokki, a personal and private location sharing and messaging application for
families and close friends. Lokki is a free application available for consumers
via mobile application stores. So far several thousand users have taken Lokki
into use (more information: http://www.lok.ki ).
Risks and uncertainties
Uncertainty in the economic environment may impact the growth of broadband
connections, operators' willingness to invest in new services and may create
pricing pressure. These may have a negative impact on F-Secure's security and
Content Cloud sales.
F-Secure's risks and uncertainties are related to, among other things, the
competitiveness of F-Secure's product portfolio, competitive dynamics in the
industry, pricing models (e.g. free services, cost of Content Cloud services),
impact of changes in technology, timely and successful commercialization of
complex technologies and new products and solutions, the ability to protect
intellectual property (IPR) in F-Secure's solutions as well as the use of third
party technologies on reasonable commercial terms, subcontracting
relationships, regional development in new growth markets, sustainability of
partner relationships, compromising stored personal data, service quality
related penalties, and risk exposure from increasing contractual liability
requirements and forming of the new business areas.
Events after period-end
No material changes regarding the Company's business or financial position have
materialized after the end of the quarter.
Personnel and organization
F-Secure's personnel totaled 973 at the end of quarter (972).
Currently, the Leadership Team consists of the following persons: Christian
Fredrikson (President and CEO), Ari Alakiuttu (Human Resources & Facilities),
Samu Konttinen (Customer and Market Operations), Timo Laaksonen (Content Cloud
Business), Maria Nordgren (Consumer Security Business), Pirkka Palomäki (Chief
Strategy Officer), Jari Still (R&D Operations), Pekka Usva (Corporate Security
Business) and Taneli Virtanen (Chief Financial Officer).
Financing and capital structure
Cash flow from operations for the first nine months was 19.1 million positive
(17.8m positive). The change of net cash was 6.2 million positive (1.2m
negative) including paid dividend of 9.3 million (9.3m) in April. Net financial
income was negative at 0.7 million (negative 0.4m).
The market value of the liquid assets of F-Secure at the end of the quarter was
39.3 million (27m). Changes in exchange rates, especially JPY and BRL, impacted
negatively on sales and positively on costs.
The Company's capital expenditure for the first nine months was 2.8million
(7.8m). The capitalized development expenses were 0.3 m (4.2m) and have
substantially decreased from the 2012 level as anticipated.
F-Secure's financial position remained solid. F-Secure's equity ratio at the
end of the quarter was 77% (76%) and gearing ratio was 58% negative (41%
negative).
Shares, shareholders' equity, own shares and option programs
The total number of Company shares is currently 158,798,739. The Company's
registered shareholders' equity is EUR 1,551,311.18. Currently, the Company
holds 3.415.835 own shares and does not have any warrant program.
Corporate Governance
F-Secure complies with the Corporate Governance recommendations for publicly
listed companies published by the Securities Market Association, a body
established by the Confederation of Finnish Industries EK, the Central Chamber
of Commerce and NASDAQ OMX Helsinki Ltd., as explained on F-Secure's web pages.
F-Secure published its corporate governance statement for 2012 in the Annual
Report and on the Company website in March 2013.
Market view
The long term market opportunities are attractive for F-Secure. Malware threats
and targeted attacks to private users and businesses in both PC and mobile
operating environments are still evolving.
Security is a growing market. According to Gartner (Jan 2013) the consumer
security software market is growing to be about a $6 billion market by 2016
($4.3 billion in 2012) and the mobile security software market is growing
almost at 40% per year over the next four years.
However, the market landscape for security technology will change. By 2015, 10
percent of overall IT security enterprise product capabilities will be
delivered in the cloud, according to Gartner (April 2013). The analyst firm
expects the cloud-based security services market to reach $4.2 billion by 2016.
Based on several industry analyst estimates, the Software as a Service (SaaS)
business model is expected to continue to grow strongly and to gain more market
share over traditional license sales. For Operators the Software as a Service
model is a natural expansion of their other service offerings. The SaaS
business offers operators the opportunity to replace revenues lost from the
provision of commoditized services and to increase loyalty in the face of
competitive threats from over-the-top providers and third parties.
Worldwide PC shipments have decreased six consecutive quarters (Q3 2013).
Consumers' shift from PCs to tablets for daily content consumption continued to
decrease the installed base of PCs both in mature as well as in emerging
markets. Tablet computers and smartphones are becoming the most dominant form
of devices on the market, according to IDC (March 2013). Tablets grew 78.4 % in
units shipped from 2011-2012, while smartphone units grew 46.1 %.
F-Secure's survey of 6,000 broadband subscribers in 15 countries from April
2013 shows that consumers want personal cloud services, but they want to know
their content is private, safe, and under their control. When storing content
on social networking sites and with cloud storage services, 63% of consumers
are concerned about the vulnerability of storage providers' technology, and six
out of ten are concerned about these providers selling their content.
In today's world consumers and companies will be looking for products that keep
their data away from the prying eyes of intelligence agencies and governments.
F-Secure's content cloud has been conceived, built and managed according to
strict security and privacy policies with multiple layers of security
safeguarding encrypted consumer data. The company's unwavering commitment to
data privacy also derives from its roots in Finland, where privacy is a
fiercely guarded value. Additionally, F-Secure's emphasis on safe cloud
services even extends to protection from malware in the cloud as uploaded and
backed up content is scanned for malware.
Long-term objectives and strategy summary for 2012 -14
F-Secure's first priority is to drive growth and market expansion. Based on the
Company's strong technology assets in security products, cloud computing and
content cloud services, F-Secure continues to create new innovative offerings
to augment traditional security services, especially in the cloud security and
content cloud areas.
F-Secure's competitive advantage derives from existing operator network and
relationships built over the years. Key assets include security research,
scalable products optimized for the mass market, experience in service
provisioning in the operator network environment and the ever growing user base
of operators. F-Secure stands out in its ability to combine security with safe
content cloud services for both computers and mobile devices and its
understanding of the operator channel as a whole.
During the strategy period, the Company is targeting towards double-digit
revenue growth supported by all channels. The growth is expected to come from
the western hemisphere and emerging markets like Latin America and the APAC.
The Company will continue its investments in new services around content cloud
and security products with emphasis on end-customer focus. Profitability is
targeted to develop towards the 25% level at the end of the strategy period.
F-Secure's longer-term profitability level continues to be driven by revenue
growth and scalable operations.
Outlook for 2013
As stated at the beginning of the year, the short-term revenue growth remains
limited due to contractual changes impacting the whole year and decreased
content cloud project revenues as the project sizes are smaller. In addition,
traditional PC security sales have continued to be slower in some countries.
The actual operational cost increase is fairly limited, and is targeted at
driving product portfolio competitiveness and supporting geographical
expansion.
Management's estimation for the year is the same as communicated in Q2; the
annual revenue is estimated to be at the level of 2012. The annual
profitability is estimated to be over 15% of revenues.
The guidance given at the beginning of the year was the following: revenue
growth of over 5% compared to 2012 and profitability of over 15% of revenues.
The revenue estimate is based on the sales pipeline at the time of publishing,
existing subscriptions and support contracts as well as current exchange rates.
The Company continues to prioritize growth over short-term profitability and
plans to invest the majority of the improved earnings in growth opportunities
in its core business while aiming at improving profitability.
News conference today at 11 am
A news conference for analysts and press is arranged today, October 25, at 11
am Finnish time at F-Secure's Headquarters, address: Tammasaarenkatu 7,
Ruoholahti, Helsinki.
At the news conference, President & CEO Christian Fredrikson will present the
Q3 financial results. An online meeting for international investors and
analysts will be held (in English) on the same day at 13.00 p.m. (EEST). To
participate in the online meeting, click on the link below:
https://meet.F-Secure.com/gia.forsman-harkonen/T3BW030M
To participate in the online meeting through phone, please dial in to
+358975110100. Conference ID is 9161249. If a country specific number is
needed, please visit
The webinar will be organized through Lync to enable a better experience with
video and presentation also for the international investors and analysts. If
you have not used Lync before, need to download and install it, or need more
advice on how to use it, please visit
http://r.office.microsoft.com/r/rlidOC10?clid=1033&p1=4&p2=1041&pc=oc&ver=4&subv
er=0&bld=7185&bldver=0
It is possible to participate through the Lync web application, but please note
that this will not have sound and it is necessary to also call in to the
meeting via phone.
The Q3 financial results presentation material, including a video where
Christian Fredrikson will present Q3 results, will be available on our
Investors web pages at www.f-secure.com under About F-Secure, Investors before
the call begins.
F-Secure Corporation
Additional information
F-Secure Corporation
Christian Fredrikson, President and CEO
tel. +358 9 2520 0700
Taneli Virtanen, CFO
tel. +358 9 2520 5655
This interim report is prepared in accordance with IAS 34 standard Interim
Financial Reporting and with accounting principles stated in the annual report
2012.
Key figures (unaudited):
-----------------------------------------------------------------
Euro million
-----------------------------------------------------------------
INCOME STATEMENT 2013 2012 2013 2012 Change 2012
-----------------------------------------------------------------
7-9 7-9 1-9 1-9 % 1-12
-----------------------------------------------------------------
Revenues 38.3 39.1 115.1 117.0 -2 157.2
-----------------------------------------------------------------
Cost of revenues 1.5 1.7 5.0 5.6 -11 7.4
-----------------------------------------------------------------
Gross margin 36.8 37.4 110.1 111.4 -1 149.7
-----------------------------------------------------------------
Other operating income 0.3 0.6 1.8 1.4 25 1.8
-----------------------------------------------------------------
Sales and marketing 17.8 16.4 56.0 51.3 9 70.9
-----------------------------------------------------------------
Research and development 9.5 10.6 31.3 33.5 -6 49.3
-----------------------------------------------------------------
Administration 1.5 2.3 6.3 8.3 -23 11.0
-----------------------------------------------------------------
Operating result 8.4 8.6 18.3 19.8 -8 20.3
-----------------------------------------------------------------
Financial net -0.6 -0.1 -0.7 -0.4 -0.3
-----------------------------------------------------------------
Result before taxes 7.8 8.5 17.7 19.4 19.9
-----------------------------------------------------------------
Income taxes -2.5 -1.9 -5.8 -5.1 -5.8
-----------------------------------------------------------------
Result for the period 5.4 6.6 11.9 14.3 14.1
-----------------------------------------------------------------
Other comprehensive income:
--------------------------------------------------------------------------------
Exchange diff. on translating -0.1 0.0 0.0 0.1 0.2
foreign operations
--------------------------------------------------------------------------------
Available-for-sale fin. assets 0.1 0.1 -0.1 0.2 0.1
--------------------------------------------------------------------------------
Income tax rel. to components of other 0.0 0.0 0.0 0.0 0.0
comprehensive income
--------------------------------------------------------------------------------
Total compr. income (owners) 5.4 6.6 11.8 14.6 14.3
--------------------------------------------------------------------------------
Earnings per share. e 0.03 0.04 0.08 0.09 0.09
--------------------------------------------------------------------------------
EPS diluted. e 0.03 0.04 0.08 0.09 0.09
--------------------------------------------------------------------------------
BALANCE SHEET 30/9/2013 30/9/2012 31/12/2012
ASSETS
---------------------------------------------------------------------
Intangible assets 18.0 26.4 20.8
---------------------------------------------------------------------
Tangible assets 8.7 9.2 9.8
---------------------------------------------------------------------
Goodwill 19.4 19.4 19.4
---------------------------------------------------------------------
Other financial assets 4.5 5.1 5.4
---------------------------------------------------------------------
Non-current assets total 50.5 60.1 55.4
---------------------------------------------------------------------
Inventories 0.3 0.3 0.2
---------------------------------------------------------------------
Other receivables 35.1 34.9 38.4
---------------------------------------------------------------------
Available-for-sale financial assets 23.5 16.6 16.8
---------------------------------------------------------------------
Cash and bank accounts 15.9 10.5 16.5
---------------------------------------------------------------------
Current asset total 74.8 62.3 71.9
---------------------------------------------------------------------
Total 125.3 122.3 127.3
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SHAREHOLDERS' EQUITY 30/9/2013 30/9/2012 31/12/2012
AND LIABILITIES
---------------------------------------------------------------
Equity 68.1 65.2 65.1
---------------------------------------------------------------
Other non-current 0.4 1.5 0.4
---------------------------------------------------------------
Provisions 0.0 0.0 0.1
---------------------------------------------------------------
Deferred revenues 8.5 8.0 8.5
---------------------------------------------------------------
Non-current liabilities total 9.0 9.5 9.1
---------------------------------------------------------------
Other current 20.5 19.3 23.9
---------------------------------------------------------------
Deferred revenues 27.7 28.3 29.3
---------------------------------------------------------------
Current liabilities total 48.2 47.6 53.2
---------------------------------------------------------------
Total 125.3 122.3 127.3
---------------------------------------------------------------
CASH FLOW STATEMENT 30/9/2013 30/9/2012 31/12/2012
--------------------------------------------------------------------------------
Cash flow from operations 19.1 17.8 25.6
--------------------------------------------------------------------------------
Cash flow from investments -3.2 -9.8 -11.1
--------------------------------------------------------------------------------
Cash flow from financing -9.3 -9.3 -9.3
activities 1)
--------------------------------------------------------------------------------
Change in cash 6.6 -1.3 5.2
--------------------------------------------------------------------------------
Cash and bank at 1 Jan 32.7 28.1 27.8
--------------------------------------------------------------------------------
Change in net fair value of Available-for-sale -0.1 0.2 0.1
--------------------------------------------------------------------------------
Cash and bank at end of period 39.3 27.0 33.1
--------------------------------------------------------------------------------
Statement of changes in shareholders' equity
Share Share Unrestrict Treasur Retaine Assets Transl Total
capita premium ed equity y d avail. .
l fund reserve shares earnin f.sale diff.
gs
--------------------------------------------------------------------------------
Equity 1.6 0.2 5.1 -8.4 66.5 0.2 65.1
on:
31.12.20
12
--------------------------------------------------------------------------------
Total 11.9 11.9
comprehe
nsive
income
for the
year
--------------------------------------------------------------------------------
Dividend -9.3 -9.3
--------------------------------------------------------------------------------
Cost of 0.6 -0.2 0.4
share
based
payment
s
--------------------------------------------------------------------------------
Equity 1.6 0.2 5.1 -7.8 68.9 0.2 68.1
on
30.9.201
3
--------------------------------------------------------------------------------
NOTES
1. Cash flow from financing
Dividend for year 2012 0.06 euro per share totaling 9.322.974,24 euro was paid
on 16th April 2013. In 2012 paid dividend totaled 9.303.980,94 euro.
Key ratios 2013 2012 2012
---------------------------------------------------
9 m 9 m 12 m
---------------------------------------------------
Operating result % of revenues 15.9 16.9 12.9
---------------------------------------------------
ROI % 38.5 44.4 34.9
---------------------------------------------------
ROE % 24.8 30.6 22.6
---------------------------------------------------
Equity ratio. % 76.5 75.8 72.7
---------------------------------------------------
Debt-to-equity ratio % -57.7 -41.3 -50.9
---------------------------------------------------
Earnings per share (EUR) 0.08 0.09 0.09
---------------------------------------------------
Earnings per share diluted 0.08 0.09 0.09
---------------------------------------------------
Shareholders' equity 0.43 0.41 0.41
per share. e
---------------------------------------------------
P/E ratio 17.7 13.9 17.09
---------------------------------------------------
Capitalized expenditures (Me) 2.8 7.8 10.3
---------------------------------------------------
Contingent liabilities 15.8 16.7 15.6
---------------------------------------------------
Personnel. average 950 974 970
---------------------------------------------------
Personnel. end of period 973 972 931
---------------------------------------------------
Segment information
The Group has only one segment; data security.
Quarterly development 1/12 2/12 3/12 4/12 1/13 2/13 3/13
----------------------------------------------------------------
Revenues 38.4 39.6 39.1 40.1 38.4 38.4 38,3
----------------------------------------------------------------
Cost of revenues 1.9 2.1 1.7 1.8 1.7 1.8 1,5
----------------------------------------------------------------
Gross margin 36.5 37.5 37.4 38.3 36.7 36.6 36,8
----------------------------------------------------------------
Other operating income 0.3 0.5 0.6 0.3 0.8 0.7 0,3
----------------------------------------------------------------
Sales and marketing 16.9 17.9 16.4 19.6 18.4 19.8 17,8
----------------------------------------------------------------
Research and 11.5 11.4 10.6 15.8 10.7 11.1 9,5
development
----------------------------------------------------------------
Administration 3.0 2.9 2.3 2.7 2.5 2.4 1,5
----------------------------------------------------------------
Operating result 5.4 5.8 8.6 0.4 5.9 4.0 8,4
----------------------------------------------------------------
Financial net -0.2 -0.1 -0.1 0.1 0.1 -0.2 -0,6
----------------------------------------------------------------
Result before taxes 5.2 5.7 8.5 0.5 6.0 3.8 7,8
----------------------------------------------------------------
Geographical information
Revenue 7-9/2013 7-9/2012 1-9/2013 1-9/2012
---------------------------------------------------------
Nordic countries 12.2 12.3 34.5 35.9
---------------------------------------------------------
Rest of Europe 16.5 17.1 52.3 52.8
---------------------------------------------------------
North America 4.7 3.9 13.5 11.6
---------------------------------------------------------
Rest of the world 4.9 5.8 14.8 16.7
---------------------------------------------------------
Total 38.3 39.1 115.1 117.0
---------------------------------------------------------
Fair values
The carrying amounts of the Group's financial instruments are equivalent to
fair values.
Assets measured at fair value Total Level 1 Level 2 Level 3
-------------------------------------------------------------------------------
Available-for-sale financial assets 30.9.2013 23.3 0.0 0.0 0.1
-------------------------------------------------------------------------------
Available-for-sale financial assets 30.9.2012 15.3 0.0 0.0 0.1
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