Ad hoc announcement pursuant to Art. 53 LR
Highlights:
Strong first half, with total revenues and other operating income increasing by 6.4% to USD 340.5 million, EBITDA of USD 15 million, and three out of four segments back to growth
Renewed growth in Digital TV with strong profitability and successful launch of innovative solutions addressing new market segments
Cybersecurity's net revenues increased by 17.3% to USD 45.4 million and bookings increased by 25.8% to USD 94.2 million
Kudelski IoT revenues more than doubled to USD 2.6 million with successful launch of RecovR at large automotive dealerships in the U
Public Access profitability recovered due to proactive cost measures; sales recoveries in Europe and Australia
Although the COVID-19 pandemic continued to affect demand for the Group's offerings and disrupted industry supply chains, the Group successfully adapted its structure and operations to mitigate impact
Confirming outlook for full year 2021 with revenue growth and EBITDA between USD 65 and 80 million
KEY FIGURES HALF YEAR 2021
(in million USD) 1H2021 1H2020
Revenues & Other Operating Income 340.5 320.1
EBITDA 15.0 4.9
Net Income -3.1 -27.1
Cheseaux-sur-Lausanne, Switzerland and Phoenix (AZ), USA - August 26th, 2021 - The Kudelski Group (SIX: KUD.S), a leading provider of media content protection and value-added service technology, announced today its 2021 half year results.
In the first half 2021, total revenues and other operating income increased from USD 320.1 million to USD 340.5 million. Net revenues for the Group grew by 6.2% to USD 335.7 million, reflecting positive developments in Digital TV, Cybersecurity and IoT.
In this first half, the Group generated USD 15.0 million of EBITDA, a USD 10.1 million improvement over the previous first half. Digital TV delivered a strong semester, increasing net revenues by 7.6% and EBITDA by 15.5% from the previous first half. The segment continued to benefit from efforts made to streamline operations, further reducing operating expenses by USD 3.3 million compared to the prior first half. Overall, Digital TV improved EBITDA by USD 5.7 million to USD 42.6 million.
In the first half 2021, the Group's cybersecurity business generated gross revenues of USD 71.0 million. Net revenues were at USD 45.4 million, representing a growth of 17.3% compared to first half 2020. The segment posted a USD 9.5 million operating loss before depreciation and amortization, improving by USD 2.0 million compared to the prior year period.
The Group's IoT segment posted revenues of USD 2.6 million for the first half 2021, representing growth by a factor of 2.5 compared to the prior first half.
COVID-19 continues to affect Public Access results. Overall, the segment generated a positive EBITDA of USD 0.7 million, representing a USD 5.1 million improvement compared to last year's period.
During the first half 2021, the Group generated USD 30.5 million cash flow from operating activities and repaid USD 27.1 million of debt. In this period, the Group repurchased a nominal amount of USD 9.1 million of its 2022 bond and USD 2.0 million of its 2024 bond.
IMPACT OF COVID-19 ON THE GROUP'S FIRST HALF RESULTS
Digital TV began to show signs of recovery in the second half of 2020 and continued its positive development in the first half 2021, benefitting from a robust recurring business and from growing revenue contribution of new business lines. On the other hand, COVID-19 is still affecting demand in emerging markets, and the Group is also experiencing delays on some projects due to suppliers' inability to deliver required equipment. Overall, the Group continues to adjust its capacity in line with demand.
In Cybersecurity, initial signs of improvement in demand were seen in the second half 2020. This normalization accelerated in the first half 2021, resulting in solid growth rates both in Europe and in the US.
In the IoT business, semiconductor shortages are delaying the delivery of key electronic components for RecovR, the segment's new asset tracking solution. The Group issued early orders to obtain the necessary components and engaged alterative suppliers to avoid critical bottlenecks. However, as the global semiconductor industry still suffers from supply constraints, the Group may not be able to fully deliver the volume of RecovR devices forecasted in the second half 2021.
In Public Access, after a partial recovery in the second half of last year, demand in Europe and Australia continued to recover in the first half 2021 while remaining subdued in North America.
DIGITAL TV: FOCUSED INITIATIVES DRIVING NEW TRACTION AND STRENGTHENED RELATIONSHIPS WITH MAJOR OPERATORS
Digital TV delivered a strong first half in spite of COVID-19-related market turbulence. Focused product initiatives saw strong activity during the first half:
Launched in 2020, NAGRA's sport-as-a-service offering, including an app and video streaming solution, the Sporfie video clipping technology and a loyalty program based on SKIDATA technology, continues to gain traction among sports organizations. Following successful launches with FIH (field hockey) and PMH (motor racing) in 2020, NAGRA continued to extend its footprint, adding a further significant sport in the first half of 2021.
NAGRA's anti-piracy offering expanded further to address new market needs, recently adding new blocking services and OTT security audits, and extended its market reach, establishing resell partners in several countries and engaging with online video platforms.
The Group's partnerships with the largest pay-TV operators worldwide continued to expand:
As part of its long-term agreement with NAGRA, Vodafone Group continued to enlarge the footprint of Vodafone TV in Germany during the first half of 2021. Vodafone TV is now ac
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Ad hoc announcement pursuant to Art. 53 LR
