Strong momentum for Kudelski Group

The Kudelski Group, owner of Nagravision and OpenTV, has announced its 2009 annual results. Following the completion of the transition of selected large accounts to the service model in the first half 2009, the Kudelski Group delivered strong second half results, both in terms of top line and profitability.

Total revenues including other operating income rose by 2.3 per cent to reach CHF1060.8 million in 2009, in spite of the negative impact of the weakening Euro. At constant exchange rates, the Group achieved a 4.7 per cent top line growth. While the established North American and European markets were remarkably resilient in spite of the challenging economic environment, emerging markets, including Asia, Latin America and Africa generated a solid growth across all Group segments.

Profitability recovered in the second half, resulting in an operating margin before depreciation and amortisation of CHF137.8 million and an operating income of CHF73.3 million for the full year compared to CHF18.5 million in 2008. In the second half 2009, the Group delivered a best ever operating income before depreciation and amortisation of CHF102.2 million, reaping the economic benefit of large service card volumes and of a careful cost control resulting in a net decrease of operating expenses compared to the previous year.

Overall, the Group generated a CHF51.1 million net income, improving by CHF58.1 million compared to the previous year. In 2009, the Group generated a strong cash flow from operating activities of CHF135.2 million, representing an increase of CHF142.6 million compared to 2008.

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