ANNUAL RESULTS 2022
23/02/2023
USD 715.9 million of total revenues and other operating income, USD 33.2 million of EBITDA and USD 0.9 million of operating income
Revenue growth in 2022 for Cybersecurity, IoT and Public Access in constant currency
Lower-than-expected sales for Digital TV in Europe with global revenues of USD 300.6 million and EBITDA of USD 65.1 million
Cybersecurity revenue progression, double-digit growth in gross profit and EBITDA improvement
IoT doubled total revenues to USD 15.7 million with deployments of RecovR in the US and expansion of security labs activities
Public Access revenues, in constant currency, reverted to growth with a 7.5% increase from 2021
Positive momentum of Cybersecurity and IoT confirms the importance of the Group's investment strategy
Outlook for 2023: revenue growth and EBITDA between USD 40 and 60 million
KEY FIGURES 2022:
(in million USD)
2022 2021
Revenues & Other Operating Income
715.9 778.8
EBITDA 33.2 72.4
Operating Income 0.9 30.2
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - February 23, 2023 - The Kudelski Group (SIX: KUD.S), the world leader in digital security, announced today its 2022 annual results.
In 2022, three of the Group's four business segments delivered increased revenues in constant currency. The Cybersecurity segment saw double-digit growth in margin after cost of material and a reduction of USD 3.8 million in EBITDA loss. Meanwhile, the IoT segment more than doubled its revenues from the previous year, with a reduction of USD 2.2 million in EBITDA loss. The Public Access segment reverted to positive revenue growth, recovering after two years of COVID-19 related revenue contraction, with a 7.5% growth in constant currency. However, increased operating expenses in local currencies were incurred to ensure the delivery of its growing backlog, resulting in a USD 1.9 million decline in EBITDA compared to the prior year. The Digital TV business delivered lower-than-expected sales, mainly in European markets. Revenues in constant currency decreased by 11.0% compared to the previous year, and EBITDA reached USD 65.1 million.
The Group's total revenues and other operating income decreased to USD 715.9 million from USD 778.8 million in 2021, while net revenues were USD 705.9 million, a marginal decrease of 0.6% in constant currency. The Group generated EBITDA of USD 33.2 million.
DIGITAL TV: DRIVING CHANGE IN A DYNAMIC MARKET
Digital TV revenues reached USD 300.6 million, a 11.0% decrease in constant currency compared to 2021. This decline can be attributed to the relatively strong performance of Digital TV revenues in 2021, particularly in Europe, which had a base effect on this years results.
A key area of focus for 2022 was the Latin American market, where Nagravision is successfully transitioning several customers and a large portion of the market to its security platform and services, setting the path for future growth opportunities in this region.
Over the past years, the Digital TV business has shifted to a resilient software and service-oriented model, from a legacy-hardware-based model that is heavily reliant on smart cards. In 2022, Nagravision supported the deployment of a cutting-edge streaming service for GTPL Hathway in India, while Claro Colombia implemented the OpenTV Video Platform solution from the Group, which harmonizes the administration of content, subscription packages, and accounts, resulting in a novel SaaS-based video aggregation service. In Peru, Hispasat empowered local video distributors to offer a superior over-the-top user experience through the utilization of the Groups video platform, and in the Netherlands, United Group capitalized on the Group's NexGuard forensic watermarking technology to eliminate piracy at its root, effectively safeguarding rightsholders' intellectual property.
The shift from hardware to a software and service-oriented model is reflected in the sales figures for the Digital TV business, with smart card sales declining from USD 61.4 million in 2019 to USD 30.0 million in 2021 and USD 12.8 million in 2022. Hardware sales also followed a similar pattern, peaking at USD 52.2 million in 2021 and declining to USD 39.0 million in 2022, similar to the level in 2019. On the other hand, service, royalties, and software sales were more resilient, reflecting the positive momentum of emerging product lines.
Nagravision continued to gain traction for its emerging solutions, such as NAGRA Scout, which provides connected lifestyle security for consumers, and NAGRA Insight Smart Pricing, which simulates subscriber behaviors based on pricing and content changes using AI-based digital twins. Digital TV is also working to leverage promising development opportunities in attractive new markets, using artificial intelligence to improve subscriber profitability and providing comprehensive all-in-one streaming solutions for sports and e-sports.
CYBERSECURITY: STRENGTHENED SERVICES AND EXPANDED ACTIVITIES
In 2022, the Groups cybersecurity business reached net revenues of USD 109.3 million. The European region exhibited robust growth, with net revenues rising to USD 43.3 million, representing an impressive year-on-year increase of 44.2% in constant currency.
The growth of European revenue has resulted in a notable year-on-year increase of USD 6.8 million in margin after cost of material for the region. Kudelski Security's expansion strategy in 2022 saw the business extending its presence outside the Swiss market, with a particular focus on Germany, France, and the UK. This strategic move lays the foundation for sustained growth in the coming years. On the other hand, revenues from the US experienced a year-on-year decline, primarily due to lower technology resell activities, while high added-value solutions and services continue to grow, r
More from Nagra Media Uk Ltd
27/03/2024
2023 Annual Report Publication
Ad hoc announcement pursuant to Art. 53 LR Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA, March 27 2024 - The Kudelski Group has published its 2023...
15/03/2024
Navigating the Future: Humanizing AI and Connecting Everything - Insights from MWC 2024
This year's annual telecoms jamboree in Barcelona attracted a record breakin...
22/02/2024
2023 ANNUAL RESULTS
Cheseaux-sur-Lausanne, Switzerland and Phoenix (AZ), USA - February 22nd, 2024 - The Kudelski Group (SIX: KUD.S), the world leader in digital security, announce...
06/02/2024
NAGRA SPORT AND THE EUROPEAN BROADCASTING UNION (EBU) PARTNER TO LAUNCH EUROVISION SPORT
Cheseaux-sur-Lausanne, Switzerland, and Grand-Saconnex, Switzerland - February 6...
19/01/2024
'ALL ON' IN LAS VEGAS: KICKING OFF 2024 AT CES
As new year celebrations faded, it was time to head for Las Vegas. Providing an interesting juxtaposition of tourists enjoying the delights of the strip, inter...
19/01/2024
FUTURE OF THE SMART HOME: WHY PRIVACY AND DATA SECURITY ARE KEY
The CONNECTIONS Summit is an annual event hosted by international research firm Parks Associates at CES in Las Vegas, focusing on new trends, emerging technolog...
07/01/2024
The Kudelski Group at CES 2024: Secure Your Lifestyle, Connect Your World
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - January 7, 2024 - At CES 2024, the Kudelski Group (SIX:KUD.S), the world leader in digital security,...
09/10/2023
APOS 2023: A Blueprint for APAC's Media & Entertainment Industry
This year's 2023 APOS conference did not disappoint! As the defining voice for the Asia Pacific Media, Telecom and Entertainment industry, it hit all the ex...
28/09/2023
Despite the Storm Clouds, IBC 2023 Had Energy, Direction and Pace
There seemed to be much trepidation ahead of this year's IBC. Would the Schiphol fiasco and train strike that blighted the escape from the RAI in 2022 be a...
26/09/2023
VDM, a Groupe Transatlantic company, selects NAGRA to deliver the highest level of security through mediaspot, its next gen distribution platform
Cheseaux-sur-Lausanne, Switzerland and Phoenix, (AZ), USA - September 26, 2023 -...
20/09/2023
NAGRA Receives Industry Recognition for Content Protection Innovation at IBC 2023
Cheseaux-sur-Lausanne, Switzerland, and Phoenix USA - Sept. 20, 2023 - NAGRA, a ...
15/09/2023
NAGRA Launches Multi-DRM Service on AWS Marketplace
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - September 15, 2023 - NAGRA, a Kudelski Group (SIX:KUD.S) company and one of the worlds leading indep...
14/09/2023
Sony's Ci Media Cloud Enhances Service Offering with NAGRA, Securing Content Throughout Review and Collaboration Workflows
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - September 14, 2023 -...
14/09/2023
Dubbing Brothers Secure New Post-Production Distribution Service with NAGRA
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - September 14, 2023 - NAGRA, a Kudelski Group (SIX:KUD.S) company and the worlds leading independent ...
13/09/2023
4iG secures NAGRA to launch new multi-network, super-aggregated entertainment service to rapidly transform Hungarian market
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - Sept. 13, 2023 - NAG...
12/09/2023
NAGRA Enhances Content Protection for Adobe's Frame.io
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - September 12, 2023 - NAGRA, a Kudelski Group (SIX:KUD.S) company and the worlds leading independent ...
08/09/2023
Chaos on the Court: Navigating Disruption in the Media and Entertainment Industry
The media industry, often regarded as one of the most dynamic and innovative sec...
06/09/2023
NAGRA and Eluvio Deliver Industry-First Decentralized, Secure, and Just-in-Time Solution for Premium Video Distribution with Forensic Watermarking
Cheseaux-sur-Lausanne, Switzerland, and Berkeley (CA), USA - September 6, 2023 -...
29/08/2023
NAGRA and 2G Digital Post Enable Secure Auto AI-based Content Fulfilment and Localization Service for Content Owners
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - August 29, 2023 - NA...
26/08/2023
The Enemy Within - The Impact of CDN Piracy
Recently, when watching a linear commercial channel in the UK, an advert implored me to look at the latest offering from a leading multi-service provider. Toda...
25/08/2023
La nueva Economa de la Televisin de Pago: Una industria en cambio y la necesidad de desbloquear nuevo capital
A medida que las Telcos de todo el mundo atraviesan diferentes fases de transfor...
24/08/2023
2023 HALF YEAR RESULTS
Ad hoc announcement pursuant to Art. 53 LR Highlights: Total Group revenues and OOI increased to USD 339.9 million, from USD 333.4 million in the first half 2...
24/08/2023
Finacity Facilitates USD 50 million Receivables Securitization for Kudelski S.A.
Ad hoc announcement pursuant to Art. 53 LR Cheseaux-sur-Lausanne, Switzerland, Phoenix (AZ), USA, and Stamford (CT), USA- August 24, 2023 - Finacity Corporatio...
22/08/2023
NAGRA Leads Industry to Navigate the Disruption' at IBC 2023
Cheseaux-sur-Lausanne, Switzerland and Phoenix, (AZ), USA - August 22, 2023 - NAGRA, a Kudelski Group (SIX:KUD.S) company and the worlds leading independent pr...
08/08/2023
Protecting Content Across the Production and Post-Production Multiverse
Unbelievably, the summer vacation season is already nearing an end here in the United States. School is back in session already, which means early morning drop...
02/08/2023
Tiv Srl Extends Service Lineup to Bring Customers NAGRA Secured DAZN Sports Content
Cheseaux-sur-Lausanne, Switzerland and Phoenix, (AZ), USA - August 2, 2023 - NAG...
20/07/2023
AI: The Next Big M&E Creative Adventure Or A Fast-Approaching Security Headache?
Summer evenings in London are rarely without some form of red carpet event that draws both the crowds and the press - such as the recent premiere of Oppenheimer...
18/07/2023
Telefonica Global Accelerates Fight Against Piracy to Protect Content Investments
Cheseaux-sur-Lausanne, Switzerland and Phoenix, (AZ), USA - July 18, 2023 - NAGR...
19/06/2023
Claro Colombia Leverages Direct-To-TV Solution to Expand Claro tv+ Service Reach and Lower Subscriber Acquisition Costs
Cheseaux-sur-Lausanne, Switzerland and Phoenix, (AZ), USA - June 19, 2023 - NAGR...
15/06/2023
New Economics of Pay-TV: An Industry In Change And the Need to Unlock New Capital
As Telcos worldwide go through different phases of digital transformation, one o...
15/06/2023
New Economics of Pay-TV: Why Fit-for-Purpose Security is Essential for Streaming Services.
When the first cardless solution was introduced to the market over a decade ago,...
14/06/2023
Dentro de la mente de un pirata - Parte 1: Por qu dedicarse a la piratera?
Hace poco me tom una cerveza en el Llandoger Trow de Bristol. Cuenta la leyenda que el pub fue la fuente de inspiraci n de Robert Louis Stevenson para crear al...
14/06/2023
Dentro de la mente de un pirata - Parte 2: Cmo funciona el ecosistema pirata
Si le ste la primera parte de esta serie de blogs, sabr que NAGRA entrevist recientemente a un pirata para conocer de primera mano las motivaciones, m todos y...
14/06/2023
Dentro de la mente de un pirata - Parte 3: Consejos para el sector de los M&E
Si ya has le do los otros dos blogs de esta serie, estar s totalmente al d a. Si no, puedes ponerte al d a sobre las motivaciones humanas de un pirata y una inm...
08/06/2023
ANGA COM: Full of bustle, pace and an industry intent on solving challenges
The one thing that is constant in this market is change. Literally nothing stands still which is why our space is an exciting one to be in right now. Recogniz...
06/06/2023
Kudelski Group Expands Quantum Security Solutions to Address Advanced and Evolving Threat Landscape
Cheseaux-sur-Lausanne, Switzerland and Phoenix (AZ), USA - June 6, 2023 - The Ku...
05/06/2023
Focus on Piracy: How Keeping Pirates at Bay Can Safeguard Growth
As my colleague Tim Pearson recently wrote in his blog series about Inside the Mind of a Pirate', high-traffic live events have always been a target for pi...
24/05/2023
Chopin Launches Advanced Streaming Service to Meet Consumer Demand and Increase Subscriber Base
Cheseaux-sur-Lausanne, Switzerland and Phoenix (AZ), USA - May 24, 2023 - NAGRA...
23/05/2023
Tele Columbus to Launch Next-Gen Hybrid Android TV Service
Cheseaux-sur-Lausanne, Switzerland, Phoenix (AZ), USA - May 23, 2023 - NAGRA, a Kudelski Group (SIX:KUD.S) company and the worlds leading independent provider o...
15/05/2023
FOCUS ON PIRACY: INSIDE THE MIND OF A PIRATE - PART 1: WHY GET INVOLVED IN PIRACY?
I recently had a pint at the Llandoger Trow in Bristol. Legend says that the pu...
15/05/2023
FOCUS ON PIRACY: INSIDE THE MIND OF A PIRATE - PART 2: HOW THE PIRATE ECOSYSTEM WORKS
If you've read the first part in this blog series, you'll be aware that ...
15/05/2023
FOCUS ON PIRACY: INSIDE THE MIND OF A PIRATE - PART 3: ADVICE FOR THE M&E INDUSTRY
If you've read the other two blogs in this series, you'll be fully up to...
15/05/2023
FOCUS ON PIRACY: INSIDE THE MIND OF A PIRATE - WHY GET INVOLVED IN PIRACY?
I recently had a pint at the Llandoger Trow in Bristol. Legend says that the pub provided Robert Louis Stevenson with the inspiration for the Admiral Benbow in...
15/05/2023
FOCUS ON PIRACY: INSIDE THE MIND OF A PIRATE - HOW THE PIRATE ECOSYSTEM WORKS
If you've read the first part in this blog series, you'll be aware that NAGRA recently interviewed a pirate to gain first-hand insight into the motivati...
15/05/2023
FOCUS ON PIRACY: INSIDE THE MIND OF A PIRATE - ADVICE FOR THE M&E INDUSTRY
If you've read the other two blogs in this series, you'll be fully up to speed. If not, you can catch up on the human motivations of a pirate and a dee...
20/04/2023
2023 ANNUAL GENERAL MEETING OF KUDELSKI SA
Cheseaux-sur-Lausanne, Switzerland - April 20, 2023 - The Annual General Meeting of Kudelski SA (SIX:KUD.S) was held today at the company's headquarters in ...
20/04/2023
Openview, South Africa's First Satellite Free-to-Air Service, Launches Ultraview, a Pay-TV Bouquet Leveraging NAGRA Security Solutions
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - April 20, 2023 - NAG...
17/04/2023
NAGRA Joins AWS ISV Accelerate Program
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - April 17, 2023 - NAGRA, a Kudelski Group(SIX:KUD.S) company and one of the world's leading indep...
12/04/2023
QTAKE Delivers Industry-First by Integrating Forensic Watermarking at Camera
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - April 12, 2023 - NAGRA, a Kudelski Group (SIX:KUD.S) company and the worlds leading independent prov...
11/04/2023
ZEE5 Optimizes Business Operations With NAGRA's Scalable Content Protection and Security Analytics
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - April 11, 2023 - NAG...