2015-07-23 08:12:19 CEST
2015-07-23 08:13:26 CEST
BIRTINGARSKYLDAR UPPLÝSNINGAR
F-Secure Oyj - Interim report (Q1 and Q3)
F-SECURE CORPORATION - INTERIM REPORT JANUARY 1 – JUNE 30, 2015
F-Secure Corporation, Stock Exchange release, July 23 2015, 09.12 (EEST)
EXPANDING INTO CYBER SECURITY
Highlights in April-June (Q2)
-- Revenues for continuing operations were EUR 35.5 million (EUR 34.4
million), showing an increase of 3% year-on-year;
-- EBIT (non-IFRS) for continuing operations excluding costs associated with
the deferred payment and earn-out of the nSense acquisition was EUR 4.1
million, representing 12% of revenues
-- EBIT (IFRS) for continuing operations was EUR 4.0 million, representing 11%
of revenues (EUR 5.2m, excluding nonrecurring items, 15% of revenues)
-- In terms of EBIT, the second quarter is seasonally the weakest period for
F-Secure
-- Earnings per share for continuing operations was EUR 0.02 (EUR 0.02) and
EUR 0.02 (EUR 0.02) for the Group including discontinued operations
-- Cash flow from operations (including discontinued operations) was EUR 4.2
million (6.0 m)
-- Change in the Company's liquid assets was EUR -33.9 m, and liquid assets at
the end of the period was EUR 76.3 m
-- F-Secure acquired nSense, the Nordic's leading cyber security provider, on
2 June 2015, signaling the start of F-Secure's expansion into the cyber
security markets and large enterprise customer segments; the deal value
consists of an immediate cash payment of EUR 11 million, a deferred payment
of EUR 4 million in shares and an earn-out element worth a maximum of EUR 3 million
Highlights in January-June (H1)
-- Revenues for continuing operations were EUR 71.4 million (EUR 68.4 m)
showing an increase of 4%
-- EBIT (non-IFRS) for continuing operations excluding costs associated with
the deferred payment and earn-out of the nSense acquisition was EUR 9.1
million, representing 13% of revenues
-- EBIT (IFRS) for continuing operations was EUR 9.0 million, representing 13%
of revenues (EUR 9.6 m, excluding nonrecurring items, 14% of revenues)
-- Earnings per share for continuing operations was EUR 0.06 (EUR 0.04) and
EUR 0.12 (EUR 0.03) for the Group including discontinued operations
-- Cash flow from operations (including discontinued operations) was EUR 8.9
million (12.1m); change in liquid assets was EUR 15.0 million ), and liquid
assets at the end of the period was EUR 76.3m
-- Deferred revenues for continuing operations grew to EUR 44.8 million (EUR
39.9 m) as a result of growth in license and renewal sales
-- In February, F-Secure sold its personal cloud storage business to
Synchronoss Technologies for a cash consideration of USD 60 million; the
overall net profit from the disposal in 2015 is EUR 18.6 million
As of the beginning of 2015 the personal cloud storage business (younited),
which was sold to Synchronoss Technologies in February, is reported as
discontinued operations. Consequently, comparison figures related to the
statement of income have been restated. Comparison figures in the text refer to
continuing operations only and the corresponding period of the previous year,
unless otherwise stated.
As of 2 June 2015 the acquired cyber security business (nSense) has been
consolidated into the
F-Secure Group accounts.
The reporting currency is Euro. This interim report is unaudited.
Outlook for 2015
The business outlook has not changed. However, within the outlook for 2015,
the guidance for operating profit has been revised due to the IFRS accounting
of the deferred payment and earn-out elements of the nSense acquisition as
expense.
The current outlook is:
-- Overall security revenue growth for continuing operations is anticipated to
be at or above 5 % in 2015 (2014: EUR 137.4 million)
-- Operating profit (non-IFRS) for continuing operations is estimated to be
around 15% of revenues. The guidance excludes the profit from the sale of
the personal cloud storage business and the cost impact of the acquisition
of nSense
-- Approximately EUR 6 million in revenues from services sold to Synchronoss
is anticipated to be recognized in discontinued operations
Previous guidance for operating profit was “Operating profit for continuing
operations is estimated to be around 15% of revenues (excluding the profit from
the sale of the personal cloud storage business)”.
Key figures
Key figures 2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
(Eur million) 4-6 4-6 1-6 1-6 1-12
--------------------------------------------------------------------------------
Revenues 35.5 34.4 71.4 68.4 137.4
--------------------------------------------------------------------------------
Operating profit (non-IFRS)* 4.1 5.2 9.1 9.6 23.3
--------------------------------------------------------------------------------
% of revenues (non-IFRS)* 12 15 13 14 17
--------------------------------------------------------------------------------
Operating profit (IFRS)* 4.0 5.2 9.0 9.6 23.3
--------------------------------------------------------------------------------
% of revenues (IFRS)* 11 15 13 14 17
--------------------------------------------------------------------------------
Profit before taxes* 3.9 5.4 11.0 9.9 24.4
--------------------------------------------------------------------------------
Earnings per share (Eur)** 0.02 0.02 0.12 0.03 0.10
--------------------------------------------------------------------------------
Earnings per share for continuing operations 0.02 0.02 0.06 0.04 0.12
(Eur)**
--------------------------------------------------------------------------------
At the end of period: 44.8 39.9 43.0
Deferred revenues
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liquid assets, total 76.3 47.3 61.3
--------------------------------------------------------------------------------
ROI% 53 22 27
--------------------------------------------------------------------------------
Equity ratio, % 68 72 75
--------------------------------------------------------------------------------
Debt-to-equity ratio, % -102 -68 -77
--------------------------------------------------------------------------------
Depreciation 1.4 2.0 2.9 3.9 7.9
--------------------------------------------------------------------------------
Personnel 901 951 921
--------------------------------------------------------------------------------
*Excludes non-recurring costs booked in Q1 2014 and in Q4 2014.
**Based on the average adjusted number of shares during the period 155,800,221
CEO Christian Fredrikson:
During the second quarter of 2015 our overall security revenues grew slightly
compared to the year before. While operator sales slightly declined, corporate
sales continued to experience healthy growth. This growth was primarily driven
by Protection Service for Business (PSB) sales, with business for instance in
France and Japan showing very positive developments. Corporate revenue growth
was partly fueled by the acquisition of nSense, a leading Nordic cyber security
provider, in June.
F-Secure aims to become the cyber security leader in Europe. Advanced cyber
threats and outright attacks are among the greatest risks that businesses with
critical IT systems face today. The acquisition of nSense, and our continued
investments in building our capabilities to protect companies, allow us to
address these risks through both best-in-class technology - one of F-Secure's
key strengths - as well as specialized cyber security services. We can now
offer an extensive range of products and services for cyberattack detection,
prevention, and response. We will continue to develop these offerings.
Overall, corporate security remains a key driver for our growth, and we will
now reach for larger enterprise customers with our focus on cyber security.
The consumer security market remains in transition as consumers continue to
migrate to mobile devices. We have recently launched our SAFE multi-device
security product with several new operators to align our offerings with this
trend. Of the operator partners which represent 90 % of operator revenues, more
than half have now upgraded to SAFE. With Freedome, our focus remains on online
channels, operators and new retail partnerships. We recently signed our very
first Freedome agreement with a device manufacturer to enable pre-installations
of Freedome.
F-Secure continues to show strong cash flow and maintain a solid operating
profit. While generating significant short-term growth on the consumer market
remains challenging, corporate cyber security shows increasing potential
through new products as well as consulting. On the consulting side, we are
currently recruiting highly talented professionals to support growth.
Furthermore, our sound cash position gives us an excellent foundation for
making further investments in growth.
F-Secure Financials
April-June (Q2)
In the second quarter F-Secure's overall revenues grew by 3%, totaling 35.5
million (34.4 m). Revenues through the operator channel declined by 2% from the
previous year to 18.6 million (19.1 m), representing 52% (55%) of F-Secure's
total revenues. Revenues through corporate and direct-to-consumer sales
increased by 10% totaling 16.9 million (15.3 m). These channels represented 48%
(45%) of F-Secure's total revenues. Deferred revenues increased to 44.8 million
(39.9 m) at the end of the quarter as a result of growth in license and renewal
sales.
Total fixed costs were 31.0 million (27.9 m), an increase of 11% from the
previous year. The increase is mainly related to personnel related expenses,
costs incurred by the acquired nSense business and investments in sales and
marketing activities. Depreciations (capitalized R&D, software, hardware)
decreased to 1.4 million (2.0 m). The capitalized development expenses for the
quarter were 0.5 million (0.6 m).
EBIT (non-IFRS) for continuing operations, prior to the respective proportions
of the deferred payment and earn-out elements of the nSense acquisition
recognized as expense under IFRS 3, was EUR 4.1 million, representing 12% of
revenues (for further description of the accounting treatment of the nSense
acquisition, see Note 3).
EBIT (IFRS) including the allocation of the nSense acquisition related costs
was 4.0 million, representing 11% (EUR 5.2 m, excluding non-recurring items,
15%) of revenues.
Earnings per share for continuing operations was EUR 0.02 (EUR 0.02) and EUR
0.02 (EUR 0.02) for the Group including discontinued operations.
Cash flow from operations was 4.2 million (6.0 m).
The geographical breakdown of revenues from the second quarter was as follows:
Finland and Scandinavia 11.6 million (11.5 million), Rest of Europe 15.7
million (16.4 million), North America 3.3 million (2.6 million) and Rest of the
World 4.9 million (3.9 million).
January-June (H1)
In January-June F-Secure's overall revenues grew by 4%, totaling 71.4 million
(68.4 m). Revenues through the operator channel increased by 0.5% from the
previous year to 38.2 million (38.0 m), representing 53% (56%) of F-Secure's
total revenues. Revenues through corporate and direct-to-consumer sales
increased by 9% totaling 33.3 million (30.4 m). These channels represented 47%
(44%) of F-Secure's total revenues. Deferred revenues increased to 44.8 million
(39.9 m) at the end of the quarter as a result of growth in license and
renewals sales.
Total fixed costs were 61.6 million (56.5 m), an increase of 9% from the
previous year. The increase is mainly related to personnel related expenses and
investments in sales and marketing activities. Depreciations (capitalized R&D,
software, hardware) decreased to 2.9 million (3.9 m). The capitalized
development expenses for the quarter were 1.0 million (1.1 m).
EBIT (non-IFRS) for continuing operations, prior to the respective proportions
of the deferred payment and earn-out elements of the nSense acquisition
recognized as expense under IFRS 3, was EUR 9.1 million, representing 13% of
revenues (for further description of the accounting treatment of the nSense
acquisition, see Note 3).
EBIT (IFRS) including the allocation of the nSense acquisition related costs
was 9.0 million, representing 13% (EUR 9.6 m, excluding non-recurring items,
14%) of revenues. Earnings per share for continuing operations was EUR 0.06
(EUR 0.04) and EUR 0.12 (EUR 0.03) for the Group including discontinued
operations.
Cash flow from operations was 8.9 million (12.1 m).
The geographical breakdown of revenues in January-June was as follows: Finland
and Scandinavia 23.1 million (23.6 million), Rest of Europe 31.9 million (31.8
million), North America 6.4 million (5.0 million) and Rest of the World 10.1
million (8.0 million).
Financing and Capital Structure
On 30 June the market value of F-Secure's liquid assets was 76.3 million (31
March 2015: 110.2 m). During the second quarter the Company's liquid assets
decreased by 33.9 m. The decrease was mainly due to the cash payment of 11
million for the acquisition of nSense and the 24.9 million paid as dividend in
April.
In January-June the Company's capital expenditure was 12.7 million (3.7 m)
including new goodwill and intangible assets from the nSense acquisition. The
capitalized development expenses were 1.0 million (1.1 m).
F-Secure's financial position remained solid. The Company's equity ratio on 30
June was 68% (72%) and its gearing ratio was 102% negative (68% negative).
Acquisitions and disposals
Acquisition of nSense
On 2 June 2015, F-Secure acquired nSense, a privately held Danish company
providing security consultation and vulnerability assessment services and
products to large enterprises. The acquisition strengthens F-Secure's position
as a prominent security vendor in Europe, and lays a foundation for the
company's growth as a cyber security leader in the region.
The acquisition allows F-Secure to provide top tier incident response and
forensic expertise, comprehensive vulnerability assessment, and threat
intelligence and security management services to enterprises and businesses
with critical IT infrastructure. nSense's vulnerability scanning solution,
named Karhu, is actively used by enterprise customers.
The deal value consists of an immediate EUR 11 million cash payment made at
closing, a deferred payment of EUR 4 million in shares and an earn-out element
worth a maximum of EUR 3 million in cash subject to the achievement of certain
milestones in 2015-2016.
The deferred payment and earn-out elements, amounting in total to a maximum of
EUR 1.8 million in 2015, EUR 3.3 million in 2016, EUR 1.3 million in 2017 and
EUR 0.6 million in 2018 will in accordance with IFRS 3 be recognized as expense
through the consolidated income statement. For further information on
accounting for the nSense acquisition, see also Note 3.
Discontinued operations
In February F-Secure concluded the sale of its personal cloud storage business
to Synchronoss Technologies Inc. As part of the transaction, the companies also
agreed on certain intellectual property and patent rights. The value of the
transaction was USD 60 million in cash. The net profit from the disposal in
2015 is EUR 18.6 million (with the exchange rates at closing), calculated as
the difference between sales price and sold assets and including write-offs,
transaction costs and impact of patent agreement.
Due to the sale of the personal cloud storage business F-Secure is reporting
the personal cloud business as discontinued operations. The approximately EUR 6
million in revenues anticipated to be generated from the sale of certain
transition services to Synchronoss in 2015 are recognized as part of the
discontinued operations. For further information on the disposal, see also Note
2.
Market Overview
The need for security and privacy has never been greater. In addition to
traditional malware, government surveillance, espionage and targeted corporate
cyberattacks are a reality, and threats are becoming more stealthy and
sophisticated. At the same time, the growing variety of connected devices and
services is creating increasing complexity for both businesses and individuals.
In the consumer security market, significant short-term growth remains
challenging due to declining PC-related sales. Nonetheless, there are
opportunities to capture market share from the competition. Within the operator
channel business, the growth in new broadband and mobile subscriptions - a key
driver for security sales - continues to decline in the western world, but
churn between operators continues to create sales opportunities for value added
services like security. In growing economies and developing countries,
broadband and especially mobile subscriptions continue to grow rapidly.
In the direct-to-consumer business app stores continue to increase their
impact, which is changing the ways in which security is bought and marketed.
While consumers are increasingly interested in privacy and are aware that they
may be revealing the most intimate details of their lives through their
connected devices, the market for modern privacy solutions is only just
beginning to develop.
In corporate security the Software-as-a-Service business model and cloud-based
delivery are disrupting the traditional way of selling security and providing
services. Cyber threats are among the greatest risks businesses with critical
IT systems face today, making those businesses an interesting growth area
within security.
Overall, the security software market is worth USD 21.4 billion (Gartner, March
2015). According to Gartner (January 2015), the consumer security software
market is growing to be a USD 6.3 billion market by 2018 (USD 5.3 billion in
2014). Also according to Gartner, the information security consulting market
was worth USD 16 Billion in 2014 and is expected to grow by 9% annually in
2015-2019. According to IDC, the incident response and forensics market was
worth USD 500 in 2013 and it is expected to grow by 15% annually in 2013-2018.
F-Secure Business in April-June (Q2)
Overall security sales grew in April-June compared to the year before. The
sales growth was driven by core security products SAFE (multi-device offering
for consumers) and Protection Service for Business (the corporate offering).
Corporate revenue growth was partly fueled by the acquisition of nSense, a
leading Nordic cyber security provider, announced in June.
Consumer security sales through operators declined slightly in April-June. The
company launched SAFE with several operator partners, including Vodafone (UK),
Kabel Deutschland / Vodafone (Germany), TeliaSonera (Finland), AMIS (Slovenia),
GVT (Brazil) and KPN (Netherlands). Of the operator partners which represent 90
% of operator revenues, more than half have now upgraded to SAFE. For Freedome,
three operator deals to date have been signed. F-Secure has continued to work
closely with its operator partners to boost sales by developing end-consumer
marketing as well as streamlining sales and activation processes. In May, the
Company hosted its ninth annual SPECIES conference for operators to enforce the
operator ecosystem.
Direct consumer security sales grew in April-June. Sales growth was driven by
particularly strong online sales of F-Secure SAFE. Online sales were boosted by
the Company's marketing efforts in focus countries as well as the introduction
of Online Scanner and Router Checker- new free tools launched in March - which
have supported sales of both SAFE and Freedome. Also, F-Secure Booster, which
was launched in April, has had a positive start and it clearly addresse common
issues facing PC and Android users.
The Company signed new agreements to distribute Freedome with retail partners,
including Elkjöp (largest consumer electronics retailer in the Nordics) and
Staples (Canada). Additionally, the company signed its first-ever device
manufacturer (OEM) partnership deal for Freedome, allowing the pre-installation
of Freedome in Tonino Lamborghini phones. While SAFE represents a clear
majority of direct security sales, the share of revenue from Freedome has
steadily increased.
In consumer security, F-Secure continues to prepare for new launches related to
the security for connected home devices (Internet of Things).
The corporate security business continued to perform well in April-June. Sales
growth was driven by Protection Service for Business, while sales of
traditional licenses slightly declined. The Company's focused investments have
continued to increase sales especially in France while Germany is showing
positive development in customer acquisition. Japan remains one of the most
significant traditional corporate markets for F-Secure and continues to grow
strongly. Overall, corporate sales have increased thanks to the growing number
of active resellers as well as new successful sales models.
The contribution of the newly acquired cyber security services business to the
corporate sales (see more under the “Acquisition of nSense” section) was
significant in June. F-Secure is now able to provide top tier incident response
and forensic expertise, comprehensive vulnerability assessment, and threat
intelligence and security management products and services to large
enterprise-level corporate customers and other businesses with critical IT
infrastructure and continues to develop this offering. Overall, corporate cyber
security shows increasing potential.,However, growth on the consulting side is
limited by the availability of high-quality staff.
Product Announcements in April-June (Q2)
The Company continued to invest in security excellence and go-to-market
activities as well as enhancing the user experience of its products:
F-Secure SAFE has been prepared for Windows 10 devices. The latest release also
incorporates Router Checker capabilities into SAFE for PCs in the form of the
new Network Checker. It helps consumers verify the safety of the networks they
connect to. SAFE for Mac and Android have improved protection against malware
with the introduction of enhanced cloud-based scanning capabilities. More about
SAFE: https://www.f-secure.com/safe
The Mac OS X version of F-Secure Freedome was launched in May. With this latest
addition, Freedome now supports all the major operating systems, including
Android, iOS, Amazon Fire, Microsoft Windows and Mac OS X. The service is sold
through operator, retail and etail partners, as well as the F-Secure eStore and
device manufacturers (OEM). Freedome is available to both corporate and
consumer customers globally. In June, F-Secure announced that Tonino
Lamborghini's luxury phone customers will get F-Secure Freedome to prevent
becoming victims of online privacy crimes. More about Freedome:
https://www.f-secure.com/en/web/home_global/freedome
F-Secure Buddy, the market's most advanced Bluetooth tracking device, was
launched in June in co-operation with BiiSafe. Pairing F-Secure Buddy with any
Android or iOS device helps consumers locate things that matter to them: keys,
wallets, phones, laptop cases, and loved ones. The device is also a coach with
activity tracker functionalities which track your progress versus set goals.
The solution won the Red Dot award in 2014. More about F-Secure Buddy:
https://www.f-secure.com/en/web/home_global/buddy
Business Suite, a corporate security solution, was updated with several new
capabilities. New features include blocking content (such as Java, Flash or
other web components) with Advanced Protection, preventing employee exposure to
malicious websites with Web Content Control and controlling access to
potentially unsecure sites with Connection Control while performing business
critical tasks. More about Business Suite:
https://www.f-secure.com/en/web/business_global/products/business-suite
With the acquisition of nSense, a provider of cyber security products and
services, the Company's business portfolio was also extended with a
vulnerability scanning and management solution (Karhu). The solution allows
customers to scan and manage thousands of systems and vulnerabilities across
all their networks - both externally and internally. It is PCI ASV certified
and helps customers keep up with today's compliance requirements while
supporting several reporting formats. The solution is actively used by
enterprise customers.
Apart from offering best-in-class security software, F-Secure now includes
high-end cyber security consultancy services in its business portfolio.
Personnel and Organization in April-June (Q2)
F-Secure's personnel totaled 901 at the end of the quarter (951). As a result
of the acquisition of nSense, 69 nSense employees became F-Secure employees as
of 2 June 2015.
The CEO of nSense, Jens Thonke, joined the F-Secure Leadership Team as of 2
June 2015. At the time of this report's publication, the Leadership Team
consists of the following people:
Christian Fredrikson (CEO), Janne Juvonen (Customer and Market Operations),
Samu Konttinen (Consumer Security Business), Saila Miettinen-Lähde (Chief
Financial Officer), Johanna Orjatsalo (Human Resources & Facilities), Jari
Still (R&D Operations), Jens Thonke (Cyber Security Services) and Pekka Usva
(Corporate Security Business).
Risks and uncertainties
The most significant risks for F-Secure are related to the following factors:
instability in the economic climate, changes in the competitive environment and
customer demand affecting the volume of business and price levels,
competitiveness of F-Secure's product portfolio in the changing market
situation, the ability to protect the intellectual property (IPR) in F-Secure's
solutions, risk exposure from increasing contractual liability requirements,
regional development in new growth markets, sustainability of partner
relationships, development of new business areas, and potential security
threats targeted at these services.
Shares, Shareholders' Equity, Own Shares
The total number of Company shares is currently 158,798,739. The Company's
registered shareholders' equity is EUR 1,551,311.18. The Company currently
holds 2,996,049 of its own shares.
Corporate Governance
F-Secure's corporate governance practices comply with Finnish laws and
regulations, F-Secure's Articles of Association, the rules of NASDAQ OMX
Helsinki and the Finnish Corporate Governance Code issued by the Securities
Market Association of Finland in 2010. The code is publicly available at
http://cgfinland.fi/en/. F-Secure published its corporate governance statement
for 2014 in the Annual Report and on the Company website.
Long term objectives and strategy 2015-17
F-Secure focuses on security. During the strategy period of 2015-2017, the
Company's target towards the end of the period is to grow the overall
subscriber base by tens of millions of users while seeking double digit revenue
growth. As the Company invests in growth, the proportional profitability will
remain at the current level and longer-term profitability continues to be
driven by revenue growth and scalable operations. Within the strategic frame,
F-Secure is increasingly focusing on cyber security and the corporate market,
as evidenced by the acquisition of nSense in June.
The company has communicated its strategy in the Q4 interim stock exchange
release (4 February 2015). Further details of the strategy can be found on the
Company's web pages at
http://www.f-secure.com/en/web/corporation_global/company/vision-and-strategy.
Outlook for 2015
The business outlook has not changed. However, within the outlook for 2015, the
guidance for operating profit has been revised due to the IFRS accounting of
the deferred payment and earn-out elements of the nSense acquisition as expense
(see also Note 3).
The current outlook is: Overall security revenue growth for continuing
operations is anticipated to be at or above 5 % in 2015 (2014: EUR 137.4
million). Operating profit (non-IFRS) for continuing operations is estimated to
be around 15% of revenues. The guidance excludes the profit from the sale of
the personal cloud storage business and the cost impact of the acquisition of
nSense. Approximately EUR 6 million in revenues from services sold to
Synchronoss is anticipated to be recognized in discontinued operations (see
also Note 2).
Previous guidance for operating profit was “Operating profit for continuing
operations is estimated to be around 15% of revenues (excluding the profit from
the sale of the personal cloud storage business)”.
Annual General Meeting 2015
The Annual General Meeting (AGM) of F-Secure was held on 8 April 2015. The
Meeting confirmed the financial statements for the financial year 2014 and
granted the members of the Board and the President and CEO discharge from
liability.
The AGM resolved to re-elect the following current members to the Board of
Directors: Jussi Arovaara, Pertti Ervi, Juho Malmberg, Anu Nissinen, Matti
Heikkonen and Risto Siilasmaa. In its organizational meeting the Board elected
Risto Siilasmaa as Chairman of the Board and Chairman of the Executive
Committee. The other members of the Executive Committee are Juho Malmberg and
Anu Nissinen. Pertti Ervi was elected Chairman of the Audit Committee, and
Jussi Arovaara and Matti Heikkonen were elected members of the Audit Committee.
The Annual General Meeting decided to distribute a dividend of EUR 0.06 per
share and an extra dividend of EUR 0.10 per share to be paid to those
shareholders that on the record date of 10 April 2015 were registered in the
Register of Shareholders held by Euroclear Finland Ltd. The dividend was paid
on April 21, 2015.
The AGM approved all proposals made by the Board as described in the Notice to
the AGM published on 10 March 2015. The resolutions of the AGM can be found in
the Company's stock exchange release of 8 April 2015 and on the Company
website.
Events after period-end
No material changes regarding the Company's business or financial position have
materialized after the end of the quarter.
News conference today at 11 am
A news conference for analysts and media will be held (in Finnish) in the
Company's headquarters (address: Tammasaarenkatu 7, 00180 Helsinki) on Thursday
July 23, 2015 at 11.00 a.m. (EEST).
A webcast for international investors and analysts will be held (in English) on
the same day at 14.30 p.m. (EEST). To participate in the online meeting, click:
https://meet.f-secure.com/tapio.pesola/W61CVF31
To participate in the webcast via phone, please dial in to +35897511010.
Conference ID is 518916.
The presentation material including live video is only available through the
online webcast via Skype for Business (Lync). It is also possible to
participate via the Skype for Business (Lync) web application, but please note
that there will not be audio and therefore it is necessary to also call the
meeting via phone. If you need more information, please visit:
https://support.office.com/en-in/article/Quick-Start-Use-Lync-2010-Attendee-3141
c2f5-ffac-42a8-a426-cff158dda27f
https://support.office.com/en-us/article/Join-a-Skype-for-Business-Lync-Meeting-
from-Skype-for-Business-LyncWeb-App-a8c911e2-9f3a-4bc5-8b3d-30567bcb10f3
The presentation material will be available on the company's website before the
call begins: www.f-secure.com/investors.
Financial calendar
F-Secure Corporation will publish its interim reports during 2015 as follows:
-- Interim Report for Q3/2015 - October 22, 2015
F-Secure Corporation
Additional information
F-Secure Corporation
Christian Fredrikson, CEO
tel. +358 9 2520 0700
Saila Miettinen-Lähde, CFO
tel. +358 9 2520 0700
(The full table section of the report is included in the attachment)
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