A SWF Version isn’t the same as a Flash Player Version.
The distinction is important when targetting older Flash Players, especially those installed on very old Out of Home Screens.

Here’s a cheat sheet:

     SWF   |        Flash           |  AIR 
------------+-------------------+---------------
        9       |        9.0.115.0    |      N/A
       10      |        10.0, 10.1   |      1.5, 2.0
       11      |        10.2            |      2.6
       12      |        10.3            |      2.7
       13      |        11.0            |      3
       14      |        11.1            |      3.1
       15      |        11.2            |      3.2
       16      |        11.3            |      3.3
       17      |        11.4            |      3.4
       18      |        11.5            |      3.5
       19      |        11.6            |      3.6
       20      |        11.7            |      3.7
       21      |        11.8            |      3.8
       22      |        11.9            |      3.9
       23      |        12              |      4
       24      |        13              |      13
       25      |        14              |      14
       26      |        15              |      15
       27      |        16              |      16
       28      |        17              |      17
       29      |        18              |      18
       30      |        19              |      19
       31      |        20              |      20
       32      |        21              |      21
       33      |        22              |      22
       34      |        23              |      23
       35      |        24              |      24
       36      |        25              |      25
       37      |        26              |      26
       38      |        27              |      27
       39      |        28              |      28
       40      |        29              |      29
       41      |        30              |      30
       42      |        31              |      31