Sony Pixel Power calrec Sony



Ad hoc announcement pursuant to Art. 53 LR

USD 778.8 million of total revenues and other operating income,

USD 72.4 million of EBITDA and net income reaching USD 20.4 million

Strong cash flows, with USD 89.5 million of operating free cash flow and USD 104.2 million net cash from real estate transactions

Digital TV reverting to growth and further improving EBITDA to USD 97.3 million 25.8% growth in Cybersecurity net revenues, which reached USD 107.3 million

IoT doubled total revenues to USD 8.2 million with ramped-up deployments of RecovR Improved Public Access profitability despite COVID-induced revenue decline

USD 182.4 million reduction of net debt and improvement of leverage ratio from 5.2x to 2.1x

Outlook for 2022: 5% to 8% revenue growth and EBITDA between USD 55 and 75 million

Proposing a cash distribution (dividend) of CHF 0.10 per bearer share


(in million USD)

2021 2020

Revenues & Other Operating Income

778.8 741.5

EBITDA 72.4 64.3

Net Income 20.4 -18.0

Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - February 23, 2022 - The Kudelski Group (SIX: KUD.S), the world leader in digital security, announced today its 2021 annual results.

In 2021, total revenues and other operating income increased to USD 778.8 million from USD 741.5 million in 2020, reflecting higher sales in Digital TV, Cybersecurity and IoT. The Group generated EBITDA of USD 72.4 million, a USD 8.0 million improvement from the previous year. Overall, the Group generated net income of USD 20.4 million, an increase of USD 38.3 million over 2020.

Cash flow generation was a key focus for 2021. The Group delivered strong profitability and continued to manage prudently working capital and capital expenditures to optimize cash flows. As a result, the Group generated USD 89.5 million of operating free cash flow for the year. In addition, the Group generated net cash of USD 104.2 million from the sale and leaseback of its facilities in the Lausanne, Switzerland area and from the sale of a building in the south of France, related to a divested activity. Strong cash generation enabled the Group to reduce net debt by USD 182.4 million to USD 152.4 million at the end of 2021. The Group's leverage ratio (net debt over EBITDA) improved from 5.2x to 2.1x at the end of 2021.


Digital TV delivered a strong 2021, increasing net revenues by 2.8% year-on-year to USD 355.1 million and EBITDA by 0.4% year-on-year to USD 97.3 million (representing a 27.4% EBITDA margin).

This growth was fueled by positive momentum in EMEA and Asia, with strong profitability and successful launches of innovative solutions that address new market segments and respond to an increasing demand for watermarking and anti-piracy services. In spite of the continued disruption to the global economy caused by the pandemic, Digital TV was able to seize new opportunities and extend existing partnerships.

In 2021, NAGRA added a major Hollywood studio to its roster of cinema clients with NexGuard pre-release watermarking. Demand for watermarking continued to grow beyond traditional media and entertainment with NAGRA s first deployment of watermarking for a global video game platform to protect sensitive video game trailers and for law enforcement to protect sensitive witness audio.

Claro Colombia successfully launched Claro Box, its next generation Android TV service powered by NAGRA's OpenTV Platform backend. Claro also continued to deploy Insight, NAGRA's business analytics solution, across different set-top-box platforms, enabling audience measurement and providing Claro with relevant and reliable data to support its business decision-making process.

In the Asia/Pacific region, NAGRA won an important watermarking and mDRM opportunity with a major Indian OTT operator. In South Korea, SK Broadband completed the integration of NAGRA's NexGuard forensic watermarking solution into all of its set-top box models to protect the content value chain.

HD Ghana, a subsidiary of SES Group, successfully launched 4K services based on TVkey Cloud for the UEFA Euro 2020, the first 4K/UHD broadcast on the African continent.


In 2021, the Group's cybersecurity business posted USD 167.1 million of gross revenues, a 19.4% increase from 2020. Net revenues in 2021 were at USD 107.3 million, representing a growth of 25.8% over the prior year. The business benefitted from growth across both of its regions. In Europe, net revenues grew by 21.4% to USD 32.4 million, while the Americas grew by 27.8% to USD 74.9 million.

These results reflect the growing market demand for cybersecurity and demonstrate that the Group is well-positioned to help its customers protect their IT infrastructure against the rapidly evolving threat landscape. The accelerated introduction of work-from-everywhere capabilities has led to a dramatic increase in cyber-attacks on organizations. With its Cyber Fusion Center and its suite of proprietary offerings, Kudelski Security is well-equipped to offer its customers compelling solutions to help address these cyber-threats.

Managed Detection and Response represented a key growth area for Kudelski Security in 2021, which saw the launch of FusionDetect, a cloud-native platform that supports tailored threat detection and response across IT, OT, endpoints, and cloud environments. The integration of leading enterprise security technologies also continued in 2021, with the addition of Microsoft Defender for Endpoint.

Kudelski Security continued to expand its coverage in EMEA and US with additional local resources to support the delivery of personalized services and solutions to its customer base. In addition to strong results in 2021, the business enters 2022 with a
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