Employee co-operation negotiations have been concluded

F-Secure Corporation, Stock exchange release, December 8, 2014 at 13:05 (EEST)

EMPLOYEE CO-OPERATION NEGOTIATIONS HAVE BEEN CONCLUDED. F-SECURE DRIVES FOR EFFICIENCIES AND INCREASES INVESTMENTS IN CLOUD-BASED SECURITY.

The Company drives for efficiencies while increasing investments in developing and bringing new cloud-based security products to the market. The planned actions concern operator-channel development support and content cloud business.

F-Secure has today concluded employee co-operation negotiations started on November 3, 2014 with the employee representatives in Finland. As a result of the negotiations, the company's personnel will be reduced by a maximum of 30 employees in Finland. The scope of the employee co-operation negotiations covered Operator Channel Development team and employees within Content Cloud Business Line in Finland excluding the Hosting team. Previously the management estimated that the employee negotiations may lead to reduction of 40 employees.

The reductions will be implemented in December. This together with write-off of some obsolete assets in content cloud business will lead to 1.5 million euros one-off costs at max. Totally, one-off costs in 2014 including Q1 bookings are at max 4.4 million euros. 

The annual financial estimate is unchanged: the annual revenue in 2014 is estimated to remain at the level of 2013 and profitability at around 15% of revenues excluding one-off costs (2013 Revenues 155.1 million euros, EBIT 27.1 million euros; 17% of revenues).    

F-Secure Corporation
Christian Fredrikson, CEO

Additional info:
Christian Fredrikson, CEO Tel +358 9 2520 0700
Taneli Virtanen, CFO Tel. +358 9 2520 5655