Kudelski borrows €150m+
July 4, 2024
By Chris Forrester
Kudelski, best-known for its ‘Nagra’ smart card encryption technology and Skidata system for ski-resort operators, has negotiated a CHF150 million (€154m) credit facility.
The loan, organised by Farallon Capital Europe LLP., is in place in order to repay a Kudelski domestic bond, which matures on September 27th 2024. The loan has a maturity period of 18 months.
Kudelski, as at December 2023, had debt of $247.3 million (€229m), down slightly from the previous year when it stood at $264.1 million.
Kudelski, in its 2023 Annual Report, said it had $761.5 million of total revenues and other operating income and $28.7 million. Three of the Group’s four business segments reported solid revenue growth and improved profitability, while Digital Television revenues declined year-on-year.
That declining revenue stream from its digital TV operations was severe, and revenues fell 14.3 per cent to $257.8 million.
Kudelski commented: “The transition to a software and service-oriented model is reflected in the sales performance of the Digital Television business in 2023. Smart card and hardware sales saw a continued decline, decreasing from $51.7 million in 2022 to $32.5 million. Revenue generated from professional services also decreased by $8.8 million in 2023 due to the completion of some major projects. Additionally, in 2022, the Group recorded a one-off patent licensing transaction amounting to $5.5 million. Conversely, software, maintenance, and royalties demonstrated greater resilience, experiencing only a limited single-digit percentage decline compared to the previous year.”